Question
On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied signs a six-month, 7% note payable. Interest is payable at
On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied signs a six-month, 7% note payable. Interest is payable at maturity. Allied's year-end is December 31. 1., 2. & 3. Record the following transactions for the note payable by Allied Moving Corp. (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 nearest dollar amount.)
1.Record the issuance of notes payable?
2.Record the adjusting entry for interest?
3.Record the payment of the note at maturity?
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