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Prepare entries and accrual of interest for both notes

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Question - The answer template is included as a picture below: Notes payable: On 5/1/19 Barbie signed a $100,000,, 9 month, 6% note payable to Wells Fargo Bank. The note matures on 2/1/20. On 8/1/19 Barbie signed a $96,000 non-interest-bearing note in exchange for $90,000 cash. The note matures in 6 months on 2/1/20. Prepare entries for 5/1/19, 8/1/19 and accrual of interest for both notes on 12/31/19 assuming Barbie makes annual adjusting entries, and the entry for payment of the notes on 2/1/20.

Reference no: EM133030500

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