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On May 1, 2019, DEBTS Bank agreed to lend Mirza Enterprises $115,500. To that effect, Mirza signed a $115,500, 10- month, 8% per annum note.
On May 1, 2019, DEBTS Bank agreed to lend Mirza Enterprises $115,500. To that effect, Mirza signed a $115,500, 10- month, 8% per annum note. Mirza Enterprises has a year-end of December 31. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole dollar. For transactions with more than one debit, enter the accounts in alphabetical order. Prepare the journal entry for Mirza Enterprises: a) On the date the note was signed b) At year-end c) On March 1, 2020 when the note is repaid Date Account Title and Explanation Debit Credit May 1 To record the note payable Dec 31 To record interest payable from note Mar 1 To record repayment of note and additional interest
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