Required information (The following information applies to the questions displayed below) Greener Pastures Corporation borrowed $1,000,000 on November 1, 2021. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2022. (a) The note issued on November 1. (b) The interest accrual on December 31. 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign. Do not round intermediate calculations.) Liabilities Stockholders' Equity

The journal entries are prepared to record the transactions on regular basis. The accrued interest…

Answered: Required information (The following information applies to the questions displayed below) Greener Pastures Corporation borrowed $1,000,000 on November 1, 2021.…

FINANCIAL ACCOUNTING

10th Edition

ISBN: 9781259964947

Author: Libby

Publisher: MCG

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(a)
Required information
[The following information applies to the questions displayed below)
(b)
Greener Pastures Corporation borrowed $1,000,000 on November 1, 2021. The note carried a 9 percent interest rate with
the principal and interest payable on June 1, 2022.
1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or stockholders equity
with a minus sign. Do not round intermediate calculations.)
(a) The note issued on November 1.
(b) The interest accrual on December 31.
Assets
Liabilities
Stockholders' Equity

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