On December 1,2015,Newco Borrowed $200,000 from First National Bank,and Signed

question 60

Essay

On December 1,2015,Newco borrowed $200,000 from First 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 31,2015.
Part c.Prepare the journal entry to record the payment of the interest on December 1,2016.
Part d.Prepare the journal entry to record the payment of the note on December 1,2016.

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Definitions:

Midbrain

A portion of the brainstem that plays an important role in vision, hearing, motor control, sleep/wake, arousal (alertness), and temperature regulation.

Olfactory Bulbs

Structures located at the base of the brain that process information about odors detected by cells in the nasal cavity.

Longitudinal Fissure

The deep groove that separates the two hemispheres of the brain.

Cerebral Hemispheres

The two halves of the brain, divided by the longitudinal fissure, responsible for controlling opposite sides of the body and different aspects of cognitive function.