Business
Business, 18.01.2020 02:31, freddymoskali

Acompany borrows $70,000 by signing a $70,000, 8%, 6-year note that requires equal payments of $15,142 at the end of each year. the first payment will record interest expense of $5,600 and will reduce principal by $9,542.
the journal entry to record this transaction will include a debit to which of the following accounts and for how much?

a. interest payable; $5,600
b. notes payable; $9,542
c. interest expense; $5,600
d. cash; $15,142

answer
Answers: 3

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Acompany borrows $70,000 by signing a $70,000, 8%, 6-year note that requires equal payments of $15,1...

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