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Unformatted text preview: $12,500 Apr 14 Replaced Ferris payable with note Term in days 60 Annual interest 10% Cash paid $3,500 Balance of note $9,000 May 21 Borrowed from Scotia Bank Term in days 90 Annual interest 12% Amount of note $20,000 ? Paid note to Ferris at maturity ? ? Paid note to Scotia Bank at maturity ? Dec 15 Borrowed from National Bank Term in days 120 Annual interest 9% Face value $35,000 Dec 31 Entered adjusting entry for interest ? accrued on note to National Bank 2006 ? Paid note to National Bank at maturity ? Check figure: Interest on Ferris note $148...
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