On March 1, 2021, the company lent $20,400. The note required principal and interest at 9% be paid on February 28, 2022. What is the journal entry and the amount to enter into the journal?

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...
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On March 1, 2021, the company lent $20,400. The note required principal and interest at 9% be paid on February 28, 2022.

What is the journal entry and the amount to enter into the journal?

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