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Prepare adjusting entries necessary on June

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Reference no: EM132570814

Question - Narrations are not required for the following entries: On 1 March, Marcel Ltd borrows $90,000 from the Eastward Bank by signing a 6-month, 9% p.a., interest-bearing note.

Instructions -

Prepare the necessary entries below associated with the note payable on the books of Marcel Ltd.

Prepare the entry on 1 March when the note was issued.

Prepare adjusting entries necessary on 30 June in order to prepare the semi-annual financial statements. Assume no other interest accrual entries have been made.

Prepare the entry to record payment of the note at maturity.

Reference no: EM132570814

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