Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

تمرين 31

Jump Corporation borrowed $60,000 on December 1, 2015, by issuing a two-month, 4 percent note payable to Service One Credit Union.he entire amount of the loan, plus interest, is due February 1, 2016.
a.repare the necessary adjusting entry for interest expense on December 31, 2015.
b.ecord the repayment of the loan plus interest on February 1, 2016.