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On November 30, ABC corporation borrows $79,000 from the bank by signing a 60 day, 8% note agreement. Round values to 2 decimal places. a)
On November 30, ABC corporation borrows $79,000 from the bank by signing a 60 day, 8% note agreement. Round values to 2 decimal places. a) Calculate the maturity date of the note. January 29 b) Calculate the interest that should be accured on this note at December 31st and write the journal entry to record the accrual. Date Description Debit Credit 12/31 Interest Expense Interest Payable to accrue interest on note to bank ToH
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