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On September 1, 2022, Hare Today pet-supply store Co. borrowed $9,000 from Gone Tomorrow Bank, signing a 6-month, 4-percent note. Interest is to be paid
On September 1, 2022, Hare Today pet-supply store Co. borrowed $9,000 from Gone Tomorrow Bank, signing a 6-month, 4-percent note. Interest is to be paid at maturity. Hare Today and Gone Tomorrow both have a December 31 year-end. 1. Record the journal entry for the transaction for Hare Today, the borrower, on September 1, 2022. Date 11/30 11/30 A L 11/30 SE R E NI 2. Record the appropriate adjusting entry related to the note by Hare Today on December 31, 2022. SE CF Date A R E NI CF I Account Account 3. Record the journal entry for the payment of the amount due to Gone Tomorrow at the note's maturity on March 1, 2023. R Date L SE A E NI CF Account DR DR DR CR CR CR
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