Instructions: On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 8%, 12-month...

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Instructions: On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 8%, 12-month note, with the interest to be paid on the maturity date. Required: Prepare journal entries to record the issuance of the note and the related year-end adjusting entry on December 31. Instructions: On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 8%, 12-month note, with the interest to be paid on the maturity date. Required: Prepare journal entries to record the issuance of the note and the related year-end adjusting entry on December 31.