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On January 1, 2019, Eagle Company borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $29,523, consisting

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On January 1, 2019, Eagle Company borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $29,523, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. View transaction list Journal entry worksheet 2 3 4 5 Eagle borrows $100,000 cash by signing a four-year, 7% installment note. Record the issuance of the note on January 1, 2019. Note: Enter debits before credits. General Journal Debit Credit Date Jan 01, 2019 Record entry Clear entry View general journal Journal entry worksheet

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