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On March 1 2020 AXQ purchased equipment $8,500 and signed a 10 month note with an interest rate of 5.5 % APR. Loan agreement is

On March 1 2020 AXQ purchased equipment $8,500 and signed a 10 month note with an interest rate of 5.5 % APR. Loan agreement is the toal amount owed, due in 10 months.

Prepare the following:

Journal entry for March 1

Journal entry for March 31 to record the first monthly interest owed

Journal entry at maturity when loan is paid to the bank

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