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 explanations 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 explanations 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 explanations 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 explanations 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