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Nicole thinks that her business, Nicoles Getaway Spa (NGS), is doing really well and she is planning a large expansion. With such a large expansion, Nicole will need to finance some of it using debt. She signed a one-year note payable with the bank for $48,000 with a 6 percent interest rate. The note was issued October 1, 2014; interest is payable semiannually; and the end of Nicoles accounting period is December 31.

Required:

Prepare the journal entries required from the issuance of the note until its maturity on September 30, 2015, assuming that no entries are made other than at the end of the accounting period, when interest is payable, and when the note reaches its maturity. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

CC10-1 Accounting for Debt Financing [LO 10-2] Nicole thinks that her business, Nicole's Getaway Spa (NGS), is doing really well and she is planning a large expansion. With such a large expansion, Nicole will need to finance some of it using debt. She signed a one-year note payable with the bank for $48,000 with a 6 percent interest rate. The note was issued October 1, 2014; interest is payable semiannually; and the end of Nicole's accounting period is December 31 Required Prepare the journal entries required from the issuance of the note until its maturity on September 30, 2015 assuming that no entries are made other than at the end when the note reaches its maturity. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) of the accounting perio d, when interest is payable, and View transaction list X: 1 Record the borrowing of $48,000 2 Record the accrued interest on December 31, 2014 3 Record the interest payment on March 31, 2015, assuming no interest accrual has been recorded since December 31, 2014 4 Credit Record the interest payment on September 30, 2015, assuming no interest accrual has been recorded since the payment on March 31, 2015 5 Record the repayment of the note on its maturity date Note:-journal entry has been entered Record entry Clear entry View general journal