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Prepare the journal entries for the transactions

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Question - Prepare the Journal Entries for the following transactions and any adjusting entries assuming the Company uses the Calendar year:

1. On March 19, the company borrows $120,000 cash by signing a 90-day, 9%, $120,000 note.

2. The $ 120,000 note was paid on June 17.

3. On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $300 cash.

4. On November 15, the company borrows $110,000 cash by signing a 60-day, 12%, $110,000 note.

5. On November 20, the Bucks played the first game of the six game pack (this represented one-sixth of the advance ticket sales).

Reference no: EM132855250

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