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Prepare the journal entry for harsimran inc

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Harsimran Inc. owed Lacey Co. $12,000. They could not pay on time. They negotiated the following settlement with Lacey Co. They will pay $2,000 right away and take out a note for the balance. The note is dated December 11, 2020, is for 60 days, and includes 9% interest. The principal of the note and interest will be paid at maturity.

Required

Problem 1: Prepare the journal entry for Harsimran Inc. to:

1. Record the exchange of the accounts payable for the note payable and cash
2. Record the interest accrual on Dec 31, 2020.
3. Record the payment of the note.

Reference no: EM132704851

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