on may 31 bentley corporation borrows 20 000 from the bank by signing a 2 month 5 5 1090778

On May 31, Bentley Corporation borrows $20,000 from the bank by signing a 2-month, 5.5%, interest-bearing note. Interest is due at maturity. Prepare the necessary entries below associated with the note payable on the books of Bentley Corporation. a) Prepare the entry on June 1 when the note was issued. b) Prepare any adjusting entries necessary on June 30 in order to prepare the monthly financial statements. Assume no other interest accrual entries have been made. c) Prepare the entry to record payment of the note at maturity.

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On May 31, Bentley Corporation borrows $20,000 from the bank by signing a 2-month, 5.5%, interest-bearing note. Interest is due at maturity. Prepare the necessary entries below associated with the note payable on the books of Bentley Corporation. Prepare the entry on June 1 when the note was issued. Prepare any adjusting entries necessary on June 30 in order to prepare the monthly financial statements. Assume no other interest accrual entries have been made. Prepare the entry to record payment of the note at maturity.

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