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On 1st March 2015, Mickey Company borrows RM80,000 from HRB Bank by signing a 6month, 6%, interest-bearing note. Required : a) Prepare the journal entry
On 1st March 2015, Mickey Company borrows RM80,000 from HRB Bank by signing a 6month, 6%, interest-bearing note. Required : a) Prepare the journal entry on 1st March 2015 when the note was issued. b) Prepare any adjusting entries necessary on 30th June 2015 for the purpose of preparing semi-annual financial statements. Assume no other interest accrual entries have been made. (Show workings to support your answer) c) Prepare the entry to record payment of the note at maturity
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