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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 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 for $47,000, payable to the bank with a 6 percent Interest rate. The note was issued October 1, 2020, interest is payable semi-annually, and the end of Nicole's accounting period is December 31. Required: 1. Prepare the journal entries required from the issuance of the note until its maturity on September 30, 2021, 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.) View transaction list Journal entry worksheet Record the interest for the note. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit 2.820 Dec 31, 2020 [Interest expense Interest payable 2.820 Journal entry worksheet Record the payment of interest for the note semi-annually. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Mar 31, 2021 Journal entry worksheet Record the interest for the note. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Sept 30, 2021 Journal entry worksheet 1 2 3 4 51 Record the cash payment on maturity of the note. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Sept 30, 2021
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