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Prepare the journal entry to record borrowing transaction

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Reference no: EM132506137

On December 1, 2018, Foggy Bottom Co. borrowed $360,000 from Atlantic National Bank, and signed a 9% note payable due in one year. Interest on the note is due at maturity.

Question 1: Prepare the journal entry to record the borrowing transaction.

Question 2: Prepare the required adjusting entry on December 31, 2017.

Question 3: Prepare the journal entry to record the payment of the interest in December 1, 2019.

Question 4: Prepare the journal entry to record the payment of the note on December 1, 2019.

Reference no: EM132506137

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