On October 1,2012,Archer Sales Borrows $100,000 by Signing a Note $$\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array}$$

question 85

Essay

On October 1,2012,Archer Sales borrows $100,000 by signing a note payable.The note is for 6 months and bears interest at a rate of 9%.Archer properly accrued interest at the end of 2012.Please provide the journal entry made at the end of March,2013 when Archer settles the note.
$$\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array}$$

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Definitions:

Environmental Impact Statement

A document prepared to describe the effects proposed projects or actions may have on the environment and society.

Proposed Action

A plan or course of action that is put forward for consideration or implementation.

Wetlands Protection Act

A set of regulations designed to protect wetlands from degradation due to construction, development, and pollution.

Clean Water Act

U.S. federal law aimed at reducing pollutants entering the nation's waters and regulating quality standards for surface waters.