On November 1, Vacation Desinations borrows $1.5 million and


Question Description:

30

On November 1, Vacation Desinations borrows $1.5 million and issues a six-month, 8% note payable. Interest is payable at maturity. Record the issuance of the note and the appropriate adjusting entry for interest expense at December 31, the end of the reporting period.

Answer

30