Greener Pastures Corporation borrowed $1,400,000 on November 1, 2015. The note carried a 9 percent interest rate with the principle and interest payable on June 1, 2016.

(a) The note issued on November 1.

(b) The interest accrual on December 31.

1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balance with a minus sign. Do not round intermediate calculations.)

(a) Assets = Liabilities + Stockholders' Equity

(b)

2. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

Journal entry worksheet

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Greener Pastures Corporation borrowed $1,400,000 on November 1, 2015. The note carried a 9 percent interest rate with the principle and interest payable on June 1, 2016. Record the borrowing of $1,400,000.

Note: Enter debits before credits.

Date General Journal Debit Credit

November 01, 2015

Record entry Clear entey View general Journall