Midland Company borrowed $5,000 on an 8% (annual rate) interest-bearing note payable on March 1, 20X2. The maturity date of the note (and payment of all interest) is September 1, 20X3. The accounting period ends December 31. Give the entry for each of the dates. Assume simple interest. Round to the nearest dollar.

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The Answer of Midland Company borrowed $5,000 on an 8% (annual rate) interest-bearing note payable on March 1, 20X2. The maturity date of the note (and payment of all interest) is September 1, 20X3. The accounting period ends December 31. Give the entry for each of the dates. Assume simple interest. Round to the nearest dollar.

Midland Company Borrowed $5,000 on an 8% (Annual Rate) Interest-Bearing