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On November 1, 2024, Dual Systems borrows $280,000 to expand operations. Dual Systems signs a six-month, 8% promissory note Interest is payable at maturity.
On November 1, 2024, Dual Systems borrows $280,000 to expand operations. Dual Systems signs a six-month, 8% promissory note Interest is payable at maturity. Dual System's year-end is December 31. Required: 1., 2. & 3. Record the following transactions for the note payable by Dual Systems. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) View transaction list 1 Record the issuance of the note on November 1, 2024. 2 Record the appropriate adjusting entry for the note on December 31, 2024. 3 Record the payment of the note at maturity on April 30, 2025. Credit
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