Wolf Company borrowed $5,000 on an 8% note payable on March 1,2010.The maturity date of the note (and payment of all interest)is September 1,2011.The accounting period ends December 31.Assuming no adjusting entries are made during the year,prepare the journal entry for each of the following dates:
A.March 1, 2010.
B.December 31, 2010.
C.September 1, 2011.

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The Answer of Wolf Company borrowed $5,000 on an 8% note payable on March 1,2010.The maturity date of the note (and payment of all interest)is September 1,2011.The accounting period ends December 31.Assuming no adjusting entries are made during the year,prepare the journal entry for each of the following dates:
A.March 1, 2010.
B.December 31, 2010.
C.September 1, 2011.

Wolf Company Borrowed $5,000 on an 8% Note Payable on March