Journal entries for insurance-interest and payment

Assignment Help Accounting Basics

Reference no: EM1356298

On December 1, 2007 Gates Company borrowed $45, 00 cash from FirstBank on a 90-day, 9% note payable.

a. Prepare Gate's general journal entry to record the insurance of the note payable.

b. Prepare Gates' general journal entry to record the accrued interest due at December 31, 2007.

c. Prepare Gate's general journal entry to record the payment of the note on March 1, 2008.

Reference no: EM1356298

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