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adjusto corporation (which is on a december 31 fiscal year-end) engaged in the following transactions...

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Accounting

Adjusto Corporation (which is on a December 31 fiscal year-end) engaged in the following transactions during Year 1 and Year 2: Year 1 Nov. 1 Issued a 120-day, 12% note, face value of $20,000, to Johnson Company to settle an open account of that amount. Dec. 1 Issued a 90-day, 12% note, face value of $32,000, to Winslow Corporation for the purchase of merchandise (the perpetual inventory method is used). Year 2 Mar. 1 Paid the principal and interest on both the Johnson and the Winslow notes. Required: Prepare journal entries to record the preceding transactions on Adjustos books, including the adjusting entries at the end of Year 1. Assume a 360-day year

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