VASTUBE On February 1st 2016 Berg Corporation met with a customer (Edition Wholesalers) to discuss the terms of repayment for Edition Wholesalers' overdue account. It was decided that Edition Wholesalers would sign a one year 6% note payable for the $25,000 dollars they owed to Berg Corporation. Edition Wholesalers make an interest only payment after 6 months to pay all accrued interest to date. Berg Corporation prepares year end statements on December 31st. Berg Corporation also prepares an interim statement on June 30th Prepare the journal entries for Berg Corporation in 2016 and the final journal entry when the note matures. ID ACCOUNT DEBIT CREDIT

On February 1" 2016 Bere Corporation met with a customer (EdMtion Wholewalen) wo. discuss the terms of repayment for Edition Wholesalers' overdue accomi. If was decided that Edition Wholesalers would sign a one year 6% note payathle for the $25,000 dollars they owed to Berg Corporation. Edition Wholesalers pake an indersst. only payment after 6 months to pay all acerued interest to date. Ferg Corporating prepares year end statements on December 312, Berg Corporation aho prepares an interim statement on June 30ht. Prepare the journal entries for Berg Corporation in 2016 and the final journal entry when the note matures