On April 1, Holton Company borrows $100,000 from West Bank by signing a 6-month, 6%, interest-bearing note. Prepare the necessary entries below associated with the note payable on the books of Holton Company.
(a) Prepare the entry on April 1 when the note was issued.
(b) Prepare any adjusting entries necessary on June 30 in order to prepare the semiannual financial statements. Assume no other interest accrual entries have been made.

A. Dr Cash $100,000

Cr Notes Payable $100,000

B. Dr Interest expense $1,500

Cr Interest Payable $1,500

Explanation:

a Preparation of the entry on April 1 when the note was issued.

Dr Cash $100,000

Cr Notes Payable $100,000

(To record note issued)

B. Preparation of any adjusting entries necessary on June 30 in order to prepare the semiannual financial statements

Dr Interest expense $1,500

Cr Interest Payable $1,500

($100,000 x .06 x 3/12)

answer: b. false

the staff is a set of five horizontal lines and four spaces which represent a different musical pitch. the lines and the spaces are numbered from bottom to top, the bottom line is the first line and the fifth line is the line on the top. the notes on the top of the staff (fifth line) have a higher pitch than a note at the bottom of the staff.