Use the information in RE3-6, (a) Assuming Ringo Company makes reversing entries, prepare the reversing entry on

Question:

Use the information in RE3-6,
(a) Assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, 2017, and the journal entry to record the payment of the note on April 1, 2017; and
(b) Assuming Ringo does not make reversing entries; prepare the journal entry to record the payment of the note on April 1, 2017.
In RE3-6
On April 1, 2016, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12- month note, with the interest to be paid on the date. Prepare journal entries to record the issuance of the note and the related year-end adjusting entry.
Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...