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On March 1, 2024, a compary signs a $100,000 note payable. The note is due in 5 annual payments of $20,000 plus 6% interest. Prepare
On March 1, 2024, a compary signs a $100,000 note payable. The note is due in 5 annual payments of $20,000 plus 6% interest. Prepare the journal entries to record the following 1. The issuance of the note on March 1,2024 2. The accrual of interest expense on December 31, 2024 3. The first annual payment on March 1,2025 Explanations are not needed. Show all work to receive partial credit. If you plan to subrnit scrap paper, type "scrap paper" below
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