Dunlin Development Company had the following transactions involving notes payable. Nov. 1, 2016 $\quad $Borrows $ \$ 120,000 $ from Merchants and Marine Bank by signing a 3 month, $ 10 \% $ note.

Dec. 31,2016 $\quad $Prepares the adjusting entry.
Feb. 1,2017$\quad $ Pays principal and interest to Merchants and Marine Bank.
Instructions
Prepare journal entries for each of the transactions.

Question

Dunlin Development Company had the following transactions involving notes payable. Nov. 1, 2016 $\quad $Borrows $ \$ 120,000 $ from Merchants and Marine Bank by signing a 3 month, $ 10 \% $ note.

Dec. 31,2016 $\quad $Prepares the adjusting entry.
Feb. 1,2017$\quad $ Pays principal and interest to Merchants and Marine Bank.
 Instructions
Prepare journal entries for each of the transactions.

Quizplus · Accepted Answer

The Answer of Dunlin Development Company had the following transactions involving notes payable. Nov. 1, 2016 $\quad $Borrows $ \$ 120,000 $ from Merchants and Marine Bank by signing a 3 month, $ 10 \% $ note.

Dec. 31,2016 $\quad $Prepares the adjusting entry.
Feb. 1,2017$\quad $ Pays principal and interest to Merchants and Marine Bank.
 Instructions
Prepare journal entries for each of the transactions.

Dunlin Development Company Had the Following Transactions Involving Notes Payable \quad

Dunlin Development Company Had the Following Transactions Involving Notes Payable $\quad$