KQuestion 2 (of 5) M10-6 Recording a Note Payable [LO 10-2] The following inform

Question

KQuestion 2 (of 5) M10-6 Recording a Note Payable [LO 10-2] The following information applies to the questions displayed below] Greener Pastures Corporation borrowed $1150.000 on November 1, 2015. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2016. (a) The note issued on November 1. (b) The interest accrual on December 31 References Section Break 10-6 Recording a Note Payable /LO 10- 1.00 points M10-6 Part 2 2. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) d Fa FI F2

Explanation / Answer

Nov-01 Cash 1150000       Notes payable 1150000 Dec-31 Interest expense 17250 =1150000*9%/12*2        Interest payable 17250

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