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Prepare waterway journal entries to record the december

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Reference no: EM132666054

Waterway Ltd. needed funding to bridge the gap between paying its suppliers and collecting its receivables. As such, Waterway issued a $440,000, four-year, 6% note at face value to Easy Loan Bank on January 1, 2020, and received $440,000 cash. The note requires annual interest payments each December 31.

Problem a. Prepare Waterway's journal entries to record the note issuance.

Problem b. Prepare Waterway's journal entries to record the December 31, 2020 interest payment

Reference no: EM132666054

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