On December 1,2013,Gates Company borrowed $45,000 cash from First Bank on a 90-day,9% note payable.Gates is a calendar year company
a.Prepare Gate's general journal entry to record the issuance of the note payable.
b.Prepare Gate's general journal entry to record the accrued interest due at December 31,2013.
c.Prepare Gate's general journal entry to record the payment of the note on March 1,2014.
Assume no other entries related to this note were made in 2014.

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The Answer of On December 1,2013,Gates Company borrowed $45,000 cash from First Bank on a 90-day,9% note payable.Gates is a calendar year company
a.Prepare Gate's general journal entry to record the issuance of the note payable.
b.Prepare Gate's general journal entry to record the accrued interest due at December 31,2013.
c.Prepare Gate's general journal entry to record the payment of the note on March 1,2014.
Assume no other entries related to this note were made in 2014.

On December 1,2013,Gates Company Borrowed $45,000 Cash from First Bank