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Quandary Company signed a short-term, one year, note to borrow $100,000 from Reserve National Bank on July 1, 2017. The interest on the note was
Quandary Company signed a short-term, one year, note to borrow $100,000 from Reserve National Bank on July 1, 2017. The interest on the note was 12 percent per year. The principal and interest on the note will be payable on the maturity date of June 30, 2018. What entry should Quandary Company make on: July 1, 2017; December 31, 2017; and June 30, 2018?
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