Indigo corporation borrowed $58,800 on november 1, 2017, by signing a $59,910, 3-month, zero-interest-bearing note. prepare indigo’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.)

The Journal entries are as follows:

(i) 1st November, 2017

Cash A/c                                       Dr. $58,800

Discount on notes payable A/c  Dr. $1,110

To Notes payable                                              $59,910

(To record the borrowings through notes)

(ii) 31st December, 2017

Interest expense A/c     Dr. $740

To Discount on notes payable      $740

(To record the adjusting entry for the interest through discount)

Workings:

Interest expense = (1,110 ÷ 3 months) × 2 months

                            = $740

(iii) 1st February, 2018

Interest expense A/c     Dr. $370

To Discount on notes payable      $370

(To record the adjusting entry for the interest through discount)

Workings:

Interest expense = (1,110 ÷ 3 months) × 1 months

                            = $370

(iv) 1st February, 2018

Interest payable A/c  Dr. $59,910

To cash A/c                                      $59,910

(To record the repayment of notes payable)

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