Algonquin Provincial Bank agrees to lend Grimwood Brick Company $80,000 on January 1. Grimwood Brick Company signs an $80,000, 9-month, 5% note.
-What entry will Grimwood Brick Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 30?

Question

Quizplus · Accepted Answer

The Answer of Algonquin Provincial Bank agrees to lend Grimwood Brick Company $80,000 on January 1. Grimwood Brick Company signs an $80,000, 9-month, 5% note.
-What entry will Grimwood Brick Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 30?

Algonquin Provincial Bank Agrees to Lend Grimwood Brick Company $80,000