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Question 3 (6 points) On June 1, 2022 Clyde Co. borrows $86,000 on a nine-month, 6.6% note Interest and principal are to be paid
Question 3 (6 points) On June 1, 2022 Clyde Co. borrows $86,000 on a nine-month, 6.6% note Interest and principal are to be paid at maturity. Adjusting entries are prepared annually on the July 31, 2022 year end Required: 1. Prepare the journal entry on issuance date. (1 mark) 2. Prepare the year end adjusting journal entry (1.5 marks) 3. Prepare the journal entry at maturity date (3.5 marks)
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