Question

On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $57,000. Alan made the appropriate year-end accrual. What is the journal entry as of March 1 to record the payment of the note assuming no reversing entry was made

Answer 1

Answer:

Amount paid to record is $58,900

Explanation:

In this question, we are asked to state the Journal entry as of March 1.

Please check attachment for tabular explanation

Kindly note that 360 is used as the number of days in a year