On October 1,2012,Archer Sales borrows $100,000 by signing a note payable.The note is for 6 months and bears interest at a rate of 9%.Archer properly accrued interest at the end of 2012.Please provide the journal entry made at the end of March,2013 when Archer settles the note.
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Question

On October 1,2012,Archer Sales borrows $100,000 by signing a note payable.The note is for 6 months and bears interest at a rate of 9%.Archer properly accrued interest at the end of 2012.Please provide the journal entry made at the end of March,2013 when Archer settles the note.
 $$\begin{array} { | l | l | l | } 
\hline \quad\quad& \quad&\quad \
\hline & & \\hline & & \\hline & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of On October 1,2012,Archer Sales borrows $100,000 by signing a note payable.The note is for 6 months and bears interest at a rate of 9%.Archer properly accrued interest at the end of 2012.Please provide the journal entry made at the end of March,2013 when Archer settles the note.
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On October 1,2012,Archer Sales Borrows $100,000 by Signing a Note \begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array}​​​​

On October 1,2012,Archer Sales Borrows $100,000 by Signing a Note $\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array}$