Adjusting entry to record accrued interest

Reference no: EM13145528

Farmer Corporation borrowed $280,000 on November 1, 2009. The note carried a 10 percent interest rate with the principal and interest payable on June 1, 2010. Prepare the journal entry to record the note on November. Prepare the adjusting entry to record accrued interest on December 31.

Reference no: EM13145528

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Adjusting entry to record accrued interest : Farmer Corporation borrowed $280,000 on November 1, 2009. The note carried a 10 percent interest rate with the principal and interest payable on June 1, 2010. Prepare the journal entry to record the note on November. Prepare the adjusting entry to..

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