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On June 1, Taser Ltd. borrows $75,000 on a six-month, 4% note. Interest and principal are to be paid at maturity. Adjusting entries are prepared

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On June 1, Taser Ltd. borrows $75,000 on a six-month, 4% note. Interest and principal are to be paid at maturity. Adjusting entries are prepared annually on the June 30 year end. Required: 1. Prepare the journal entry on issuance date. (1 mark) 2. Prepare the year end adjusting journal entry. (1.5 marks) 3. Prepare the journal entry at maturity date. (3.5 marks) Format B IU GENERAL JOURNAL DATE ACCOUNT TITLES DEBIT CREDIT

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