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Discuss a note payable with an interest rate

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Reference no: EM131783596

On November 1, 2016 Oliver Inc. converted a $20,000 accounts payable owed to Leave Corp. to a note payable with an interest rate of 10% annum due on January 31, 2017.

Required:

Record the November 1, 2016 transaction in the records of Oliver.
Record the adjusting entry needed on December 31, 2016 of Oliver.
Record the journal entry for the January 31, 2017 payment of Oliver.

Reference no: EM131783596

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