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Problem 3 (6 points) The Carolina House Restaurant borrowed $30,000 at 14% from a bank...

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Accounting

Problem 3 (6 points)

The Carolina House Restaurant borrowed $30,000 at 14% from a bank for three months on December 1, 20X3.

Required:

  1. Prepare the journal entry for December 1. 20X3
  2. Prepare the adjusting entry for December 31, 20X3
  3. Prepare the entry for the payment of the principal and interest on the note for March 1, 20X4

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