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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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.

On October 1, 2012, Archer Sales Borrows $100,000 by Signing