Fairborne Company borrowed $ on an interestbearing note on October Fairborne ends its fiscal year on December The note was paid with interest on May
Required:
Prepare the entry for this note on October
Oct.
Record issuance of note
Prepare the adjusting entry for this note on December
Dec.
Record accrued interest
Indicate how the note and the accrued interest would appear in the balance sheet at December
Among the current liabilities:
Shortterm notes payable $
Interest payable
Prepare the entry to record the repayment of the note on May If an amount box does not require an entry, leave it blank.
May
