Johnson borrowed 19 2010% annual interest April 1st of the current year expansion for his boat the loan requires Johnson to pay interest quarterly until the note is repaid in 3 years prepaid quarterly interest July 1st to October 1st post journal entry

Johnson's borrowed $192,000 at a(n) 10 percent annual interest rate on April 1 of the current year to expand its boat storage facility. The loan requires Johnson's to pay the interest quarterly until the note is repaid in three years. Johnson's paid quarterly interest on July 1 and October 1