On December 1,Grenada Company borrowed $80,000 from the bank,issuing a 90-day,15 percent promissory note.Interest is in addition to the face value.In the journal provided,prepare Grenada's December 1 entry,December 31 adjusting entry without explanation for accrued interest,and March 1 entry at maturity.Round to the nearest whole dollar.

Question

On December 1,Grenada Company borrowed $80,000 from the bank,issuing a 90-day,15 percent promissory note.Interest is in addition to the face value.In the journal provided,prepare Grenada's December 1 entry,December 31 adjusting entry without explanation for accrued interest,and March 1 entry at maturity.Round to the nearest whole dollar.
On December 1,Grenada Company borrowed $80,000 from the bank,issuing a 90-day,15 percent promissory note.Interest is in addition to the face value.In the journal provided,prepare Grenada's December 1 entry,December 31 adjusting entry without explanation for accrued interest,and March 1 entry at maturity.Round to the nearest whole dollar.

Quizplus · Accepted Answer

The Answer of On December 1,Grenada Company borrowed $80,000 from the bank,issuing a 90-day,15 percent promissory note.Interest is in addition to the face value.In the journal provided,prepare Grenada's December 1 entry,December 31 adjusting entry without explanation for accrued interest,and March 1 entry at maturity.Round to the nearest whole dollar.

On December 1,Grenada Company Borrowed $80,000 from the Bank,issuing a 90-Day,15