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On January 1, 2024, CPS Company borrowed $340,000 cash from iLend and issued a five-year, $340,000, 4% note. Interest was payable annually on December 31.
On January 1, 2024, CPS Company borrowed $340,000 cash from iLend and issued a five-year, $340,000, 4% note. Interest was payable annually on December 31.
1.
Record the entry CPS will make for interest this year.
2.
Record the entry iLend(Lender) will make for interest this year.
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