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I really need your help with this question. Graves Company borrows $63,600 on July 1 from the bank by signing a $63,600, 6%, 1-year note
I really need your help with this question.
Graves Company borrows $63,600 on July 1 from the bank by signing a $63,600, 6%, 1-year note payable. Prepare the journal entries to record the proceeds of the note. Prepare the journal entries to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year (Round to 0 decimal places, e.g. 62. Credit account titles are automatically Indented when amount is entered. Do not Indent manually.)
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