A $160,000.00 loan is acquired from USAA Financing for 3 years at 4.50% annual interest rate The date of the loan is March 1, 2014 and payments will be made at the end of each month starting on March 31, 2020 Create the general journal entries for the borrower on March 1, 2020 when the loan is generated, and on March 31, 2020, when the first loan payment is made.

(check figure: current portion of the loan balance after the first payment on March 31, 2020 is made = $51,147.64)

Amount

Annual Interest Rate

# of Years

Payments per Year

Payment

Date: # of Payment: Interest : Principle:

Borrower:
3/1/20	Cash		DEBIT	CREDIT
	Notes Payable
	Notes Payable
	Current Portion of Notes Payable
3/31/20	Interest Expense
	Notes Payable
	Cash
	Notes Payable
	Current Portion of Notes Payable
	Current Portion		Notes Payable
3/1/14
3/1/14
3/31/14
3/31/14
		-		-