Reference no: EM13258967
a) On July 1, 2009, Prism, Inc., borrowed $30,000 from FirstBank on a one year, 10% note payable. Interest is payable onJune 30, 2010, the due date of the note. Their accounting year ends December 31, 2009. The journal entry required on the company'sbooks to record the interest paid on December 31, 2009, would include a debit to interest expense of?
b) On January 2, 2009, Hill Company borrowed $10,000 from BankThree. The loan was to be repaid in equal principal installments of$2,000, payable on December 31 of each year, beginning on December31, 2009. Disregarding interest, the amount of the $10,000 loanthat should be considered a current liability on the company's 2009 year-end balance sheet would be ?
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