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Prepare journal entries for each transaction

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Question - Every entry should have narration please - Prepare journal entries for each transaction.

April 1, 2018. arranged 3 month bank loan of $12million with bank. Interest at the rate if 8% was payable at maturity

July 1, 2018 paid the 8% loan at maturity.

Nov. 1, 2018 Mercury issued a $20 million 9-month note. Interest was discounted at issuance at a 6% discount rate.

Dec. 31, 2018. Recorded any necessary adjusting entry.

Aug.1, 2019 paid the note payable at maturity.

Reference no: EM133110996

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