On July 1, 2016, Alpha Company borrowed $125,000 from Mega Bank. Alpha signed a 6% note, due in one year.

Alpha uses accrual basis for accounting and its fiscal year ends on December 31. Use this information to prepare the compound General Journal entry (without explanation) for the payment of the note on June 30, 2017. If no entry is required then write “No Entry Required.”

General Journal:

Date

Accounts

Debit

Credit

6/30/17

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