On September 1, 2014, XYZ borrowed $100,000 on a 9%, two-year, note payable.Simple interest is payable on August 31, 2015 and 2016.XYZ's reporting year ends December 31 and the company does not use reversing entries for interest.The required entry on August 31, 2001, is:

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The Answer of On September 1, 2014, XYZ borrowed $100,000 on a 9%, two-year, note payable.Simple interest is payable on August 31, 2015 and 2016.XYZ's reporting year ends December 31 and the company does not use reversing entries for interest.The required entry on August 31, 2001, is:

On September 1, 2014, XYZ Borrowed $100,000 on a 9