On December 1,Boston Pizza borrowed $40,000 from the bank,issuing a 90-day,15 percent promissory note.Interest is in addition to the face value.In the journal provided,prepare Boston Pizza'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,Boston Pizza borrowed $40,000 from the bank,issuing a 90-day,15 percent promissory note.Interest is in addition to the face value.In the journal provided,prepare Boston Pizza'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,Boston Pizza borrowed $40,000 from the bank,issuing a 90-day,15 percent promissory note.Interest is in addition to the face value.In the journal provided,prepare Boston Pizza'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.

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The Answer of On December 1,Boston Pizza borrowed $40,000 from the bank,issuing a 90-day,15 percent promissory note.Interest is in addition to the face value.In the journal provided,prepare Boston Pizza'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,Boston Pizza Borrowed $40,000 from the Bank,issuing a 90-Day,15