Analyze the Adjustments Needed for the Following Transactions Involving Notes

question 92

Essay

Analyze the adjustments needed for the following transactions involving notes payable for Marcus Company,whose fiscal year ends September 30.Round all numbers to the nearest penny.
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$\begin{array}{llr} \text { Sept. 10 } & \text { Received cash for a 60 -day, \( 12 \%, \$ 10,000 \) note payable. Interest is in addition to the face val } \\\quad\quad30 & \text { Made end-of-year adjusting entry to accrue interest expense for the note. } \\ \text {Nov. 9 } & \text { Paid amount due on the note plus interest. } \end{array}$

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