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Prepare Feathers adjusting journal entry at the end

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Reference no: EM133034810

Problem - On November 1, Feathers Company signed a $12,000, 90-day, 5% note payable to cover a past due account payable.

a. What amount of interest expense on this note should Feathers Company report on year-end December 31?

b. Prepare Feathers' journal entry to record the issuance of the note payable.

c. Prepare Feathers" adjusting journal entry at the end of the year.

d. Prepare Feathers' journal entry to record the payment of the note on February 1 of the following year.

Reference no: EM133034810

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