Homework Answers
a) Journal entry
| date | account and explanation | Debit | Credit |
| Jan 1 | Cash | 100000 | |
| Notes payable | 100000 | ||
| (To record issue note) |
b) Journal entry
| date | account and explanation | Debit | Credit |
| Dec 31 | Interest expense (100000*12%) | 12000 | |
| Notes payable | 50000 | ||
| Cash | 62000 | ||
| (To record first installment paid) |
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