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On March 1, Pronghorn Company borrows $135,000 from New National Bank by signing a 6-month, 7%, interest-bearing note. Prepare the necessary entries below associated with
On March 1, Pronghorn Company borrows $135,000 from New National Bank by signing a 6-month, 7%, interest-bearing note. Prepare the necessary entries below associated with the note payable on the books of Pronghorn Company. (a) Prepare the entry on March 1 when the note was issued. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation March 1 Debit Credit
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