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PeeDee Corporation borrowed $900,000 from First State Bank on September 1, 2022, signing a six-month, 8% note payable. Principal and interest are due at maturity.
PeeDee Corporation borrowed $900,000 from First State Bank on September 1, 2022, signing a six-month, 8% note payable. Principal and interest are due at maturity. First State Bank has a calendar year end (December 31). Record the necessary journal entries from the perspective of First State Bank for (1) the receipt of the note on September 1, 2022: (2) the adjusting entry on December 31, 2022; and (3) maturity on March 1, 2023: Edit Format Table 12pt Paragraph BIUA 21
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