On December 5, ABC corporation borrows $71,000 from the bank by signing a 60 day, 7% note agreement. Â Round values to 2 decimal places.
Calculate the interest that should be accured on this note at December 31st and write the journal entry to record the accrual.
| Date | Description | Debit | Credit |
|---|---|---|---|
| 12/31 | |||
| 12/31 | |||
| 12/31 | to accrue interest on note payable to bank | ||