Business, 16.04.2020 01:33, darkghostmist

A company 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?

Debit interest expense $5,600 and notes payable $9,542
Credit interest expense $5,600 and notes payable $9,542
None of above

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