Homework Answers
Solution:
| Journal Entries | |||
| Date | Particulars | Debit | Credit |
| 1-Jan-17 | Cash Dr | $419,750.00 | |
| To Notes Payable | $419,750.00 | ||
| (To record amount borrowed by issuing of note) | |||
| 31-Dec-17 | Interest expense Dr ($419,750*6%) | $25,185.00 | |
| Notes payable Dr | $11,315.00 | ||
| To Cash | $36,500.00 | ||
| (To record installment payment) | |||
| 31-Dec-18 | Interest expense Dr [($419,750 - $11,315)*6%] | $24,506.00 | |
| Notes payable Dr | $11,994.00 | ||
| To Cash | $36,500.00 | ||
| (To record installment payment) | |||
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