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URGENT !! Bilkent Bank agrees to lend $120,000 on September 1, 2019, if EMU Co. signs a $120,000, 13%, four-month note maturing on January 1.

URGENT !!

Bilkent Bank agrees to lend $120,000 on September 1, 2019, if EMU Co. signs a $120,000, 13%, four-month note maturing on January 1.

Instructions

a) Prepare the entry on September 1st.

b) Prepare the adjusting entry on December 31st, assuming monthly adjusting entries have not been made.

c) Prepare the entry required on January 1, 2020, the maturity date.

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