Prepare the original and the adjusting journal entries

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Reference no: EM131210741

On September 1, 2010, the company issued a short-term note for $3000 and on the same date retired the note that was outstanding at the beginning of the period.

The old note had a 10% interest rate, had been issues on September 1, 2009, and required semi-annual interest payment on February 28 and August 31. The new note carried an 8 percent interest rate with similar payment terms.

Prepare the original and the adjusting journal entries at the end of 2010

Reference no: EM131210741

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