will thumb up if correct Wildhorse Limited borrowed $86.400 from...
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Wildhorse Limited borrowed $86.400 from National Limited on July 1 and issued a three-month note payable at 5% due at maturity on October 1. Wildhorse's year end is August 31 and the company records adjusting entries only at that time. Prepare journal entry that National Limited would record on the note it received from Wildhorse Limited, assuming it makes adjusting entries monthly for the receipt of interest and principal on October 1 when the note receivable matures. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)
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