On October 1, 2014, Ferrero Inc. borrowed $225,000 by signing a note payable. The note is for 9 months and bears interest at a rate of 8%. The company properly accrued interest at the end of 2014. Provide the journal entry at the end of June, 2015 when the note is settled.

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The Answer of On October 1, 2014, Ferrero Inc. borrowed $225,000 by signing a note payable. The note is for 9 months and bears interest at a rate of 8%. The company properly accrued interest at the end of 2014. Provide the journal entry at the end of June, 2015 when the note is settled.