Record the journal entry for the january

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Reference no: EM131222546

On November 1, 2016 Carla Inc. converted a $20,000 accounts payable owed to Bernard Corp. to a note payable with an interest rate of 10% annually due on January 31, 2017.

Required:

Record the November 1, 2016 transaction in the records of Carla.

Record the adjusting entry needed on December 31, 2016 of Carla.

Record the journal entry for the January 31, 2017 payment of Carla.

Reference no: EM131222546

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