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Entries for and Financial Statement Presentation of a Note Griddley Company borrowed $84,000 from the East Salvador Bank on February 1, 2023, on a 3-year,
Entries for and Financial Statement Presentation of a Note Griddley Company borrowed $84,000 from the East Salvador Bank on February 1, 2023, on a 3-year, 7.2% note. Interest is paid annually on January 31 . If required, round amounts to the nearest dollar. Required: 1. Record the borrowing transaction in Griddley's journal. If an amount box does not require an entry, leave it blank. 2. Prepare the adjusting entries made at December 31, 2023 and 2024. If an amount box does not require an entry, leal it blank. 3. Prepare the necessary journal entry to recognize the first interest payment on January 31,2024 . If an amount box does not require an entry, leave it blank. Record interest expense and interest payment 5. Prepare the necessary journal entries to record the repayment of the note and the last year's interest payment on January 1,2026 . If an amount box does not require an entry, leave it blank
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