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On March 1, 2021, Tundra Trees signed a seven-month, 7%, $36,000 note payable with Canada Bank. Interest is due at maturity. Tundra Trees has a
On March 1, 2021, Tundra Trees signed a seven-month, 7%, $36,000 note payable with Canada Bank. Interest is due at maturity. Tundra Trees has a July 31 fiscal year end. Tundra honours the note at maturity. For Tundra Trees, record all transactions related to the note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Borrowed cash and signed a note.) (Accrued interest expense.) Oct. 1 (Paid note and interest owing.)
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