Upland company borrowed $40,000 on november 1, 2017, by signing a $40,000, 9%, 3-month note. prepare upland’s november 1, 2017, entry; the december 31, 2017, annual adjusting entry; and the february 1, 2018, entry. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when amount is entered. do not indent manually.)

cash 40,000 debit

  note payable 40,000 credit

--to record signing of note

interest expense 300 debit

     interest payable    300 credit

--to record accrued interest

note payable  40,000 debit

interest payable   300 debit

interest expense  600 debit

   cash                            40,900 credit

--to record honor of the note---

Explanation:

when signing the note we receive the cash and delcare the liability

at December 31th

we recognzie the accrued interest: for the month

we need to convert the annual rate to monthly: 0.09/12 = 0.0075

40,000 x 0.0075 = 300

at payment of the note, we write-off the note

we pay the full interest:

300 per month x 3 month = 900

we already accrued one so the expense will be for 600

b. a single paragraph.

a paragraph is a series of sentences that are organized and make sense, and are all related to a single topic . almost every piece of writing you do that is longer than a few sentences should be organized into paragraphs. this is because paragraphs show a reader where the subdivisions of an essay begin and end, and thus the reader see the organization of the essay into subjects in order to be able to understand its main points.

answer; (cash) is the best out of the above; good luck