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Prepare the journal entry for the payment of the note

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Question - On November 1, 2016, Eleuthera Technology, borrowed $19 million cash to fund an ocean research study. The loan was made by Scotia Bank. Eleuthera Technology issued a nine-month, 12% promissory note. Interest was payable at maturity. Eleuthera Technology's fiscal period is the calendar year.Prepare the journal entry for the issuance of the note by Eleuthera Technology On November 1, 2016. Prepare the appropriate adjusting entry for the note by Eleuthera Technology on December 31, 2016. Prepare the journal entry for the payment of the note at maturity on July 31, 2017.

Reference no: EM132971224

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