Question
On January 1, 2021, Nantucket Ferry borrowed $14,100,000 cash from BankOne and issued a five-year, $14,100,000, 5% note. Interest was payable annually on December 31.
On January 1, 2021, Nantucket Ferry borrowed $14,100,000 cash from BankOne and issued a five-year, $14,100,000, 5% note. Interest was payable annually on December 31.
Prepare the journal entries for both firms to record interest at December 31, 2021.
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Accounting and Finance An Introduction
Authors: Peter Atrill, Eddie McLaney
8th edition
129208829X, 1292088297, 978-1292088297
