Interest and principal are payable at maturity

Reference no: EM133360098

During 2024, Martinez Co. borrowed cash from Sage Hill Company by issuing notes payable as follows: 1. June 1, 2024, issued an eight-month, 3% note for $85,200. Interest and principal are payable at maturity. 2. On October 1, 2024, issued a three-month, 6% note for $30,000. Interest is payable monthly on the first day of the month. The principal is payable at maturity. Martinez has a November 30 fiscal year-end and prepares to adjust entries on an annual basis.

Reference no: EM133360098

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