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On September 1, 2018, Packaging Company. Borrowed OR 1,200,000 cash from Bank Muscat. The company...

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Accounting

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On September 1, 2018, Packaging Company. Borrowed OR 1,200,000 cash from Bank Muscat. The company issued a seven month, 10% promissory note. Interest was payable at maturity. The packaging financial period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by the Packaging Company. 2. Prepare the appropriate adjusting entry for the note to record on December 31 2018, by Packaging 3. Prepare the journal entry for the payment of the note at maturity

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