On December 1,2018,Foggy Bottom Co

question 157

Essay

On December 1,2018,Foggy Bottom Co.borrowed $360,000 from Atlantic National Bank,and signed a 9% note payable due in one year.Interest on the note is due at maturity.
Required:
Part a.Prepare the journal entry to record the borrowing transaction.
Part b.Prepare the required adjusting entry on December 31,2018.
Part c.Prepare the journal entry to record the payment of the interest on December 1,2019.
Part d.Prepare the journal entry to record the payment of the note on December 1,2019.

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Definitions:

Speed

The rate at which an object covers distance or an operation is performed.

Value

The numerical quantity or magnitude associated with an entity or assigned to a variable.

N7:2

A specific data register or address within a PLC's memory area used for storing or retrieving values, part of the integer file in certain PLC models.