Greener Pastures Corporation borrowed $2,000,000 on November 1, 2015. The note carried a 12 percent interest rate with the principal and interest payable on June 1, 2016. (a) The note issued on November 1. (b) The interest accrual on December 31.

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.)

Greener Pastures Corporation borrowed $2,000,000 on November 1, 2015. The note carried a 12 percent interest rate with the principal and interest payable on June 1, 2016. Record the borrowing of $2,000,000.

Nov 1, 2015 Debit Credit

Greener Pastures Corporation borrowed $2,000,000 on November 1, 2015. The note carried a 12 percent interest rate with the principal and interest payable on June 1, 2016. Record the interest accrued on the notes payable.

Dec 31, 2015 Debit Credit