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Pina Colada Development Company had the following transactions involving notes payable. Nov. 1 , 2 0 2 0 Dec. 3 1 , 2 0 2

Pina Colada Development Company had the following transactions involving notes payable.

Nov.

1, 2020

Dec.

31, 2020

Borrows $

122, 400

from Merchants and Marine Bank by signing a

3 -

month,

10 %

note.

Feb.

1, 2021

Prepares the adjusting entry.

Pays principal and interest to Merchants and Marine Bank.

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