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Prepare necessary entries associated with note payable

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Question - Narrations are not required for the following entries: On May 31, Pearl Ltd borrows $20,000 from their bank by signing a 2 month, 12% p.a., interest-bearing note.

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

1. The entry on June 1 when the note was issued.

2. Any adjusting entries necessary on 30 June in order to prepare the monthly financial statements. Assume no other interest accrual entries have been made.

3. The entry to record payment of the note at maturity.

Reference no: EM132570784

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