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On september 2 2 0 2 3 , Peterson company borrowns cash by issuing a one year noninterest bearing note payable to campbell bank in

On september

2 2023,

Peterson company borrowns cash by issuing a one year noninterest bearing note payable to campbell bank in the amount of $

61480 .

The market rate of the note is

6 % .

The company amortizes any discount on the note using the straight

-

line method. Record the entires for peterson company on the following dates. A

)

issuance of the note on September

1

)

adjusting entry on December

31

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