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Prepare the journal entries on december and maturity date

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Reference no: EM133000839

Trista and Co. borrowed $180,000 on December 1, 2020, for 90 days at 5% interest by signing a note to buy jewelery inventory.

Problem 1: How much interest expense is created by this note in 2020?

Problem 2: How much interest expense is created by this note in 2021?

Problem 3: Prepare the journal entries on December 1, December 31 (Trista and Co.'s year-end), and the maturity date.

Reference no: EM133000839

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