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$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 Pmt: Interest : Principle :

Borrower: 3/1/2020 Cash Notes Payable Notes Payable Current Portion of Notes Payable

3/31/2020 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

Merge Center Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates G27 fx 1 A $160,000.00 loan is acquired from USAA Financing for 3 years at 4.50% annual interest rate 2 The date of the loan is March 1, 2014 and payments will be made at the end of each month 3 starting on March 31, 2020 s Create the general journal entries for the borrower on March 1, 2020 when the loan 6 is generated, and on March 31, 2020 when the first loan payment is made. 7 8 (check figure: current portion of the loan balance after the first payment 9 on March 31, 2020 is made $51,147,64) 10 to 12 Amount 13 Annual Interest Rate 14 # of Years 15 Payments per Year 16 Payment 17 18 Date 19 20 21 22 # of Pmt Interest Principle Borro 24 NASENA 26 27 28 29 30 31 32 33 nd improvements, choose Check for Updates Borrower: 3/1/20 Cash Notes Payable Notes Payable Current Portion of Notes Payable 3/31/20 Interest Expense Notes Payable Cash + Notes Payable Current Portion of Notas Payable Current Portion Notes Payable 3/1/14 3/1/14 3/31/14 3/31/14 Merge Center Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates G27 fx 1 A $160,000.00 loan is acquired from USAA Financing for 3 years at 4.50% annual interest rate 2 The date of the loan is March 1, 2014 and payments will be made at the end of each month 3 starting on March 31, 2020 s Create the general journal entries for the borrower on March 1, 2020 when the loan 6 is generated, and on March 31, 2020 when the first loan payment is made. 7 8 (check figure: current portion of the loan balance after the first payment 9 on March 31, 2020 is made $51,147,64) 10 to 12 Amount 13 Annual Interest Rate 14 # of Years 15 Payments per Year 16 Payment 17 18 Date 19 20 21 22 # of Pmt Interest Principle Borro 24 NASENA 26 27 28 29 30 31 32 33 nd improvements, choose Check for Updates Borrower: 3/1/20 Cash Notes Payable Notes Payable Current Portion of Notes Payable 3/31/20 Interest Expense Notes Payable Cash + Notes Payable Current Portion of Notas Payable Current Portion Notes Payable 3/1/14 3/1/14 3/31/14 3/31/14