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Journal entries for issuance of the note on october

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Question - Boney S. Company borrowed $125,000 on October 2, 2020 by issuing a Note Payable for 120 days at 7%. Boney S. Company has a calendar year-end and does not make reversing entries.

Required - Journal Entries for

1) The issuance of the note on October 2, 2020.

2) Adjusting entry on December 31, 2021.

3) The payment of the note on April 30 (120 days after).

Reference no: EM132890307

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