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Please help!!! ASAP!! On January 1, 2018, King Corporation signed a $100,000, four-year, 9% note. The loan required King to make payments annually on December
Please help!!! ASAP!!
On January 1, 2018, King Corporation signed a $100,000, four-year, 9% note. The loan required King to make payments annually on December 31 of $25,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Journalize the issuance of the note on January 1, 2018 Date Accounts and Explanation Debit Credit Jan. 1 Journalize the first payment on December 31, 2018. Journalize the first payment on December 31, 2018. Date Accounts and Explanation Debit Credit Dec. 31 Date Accounts and Explanation Debit Credit Jan. 1 Cash Interest Expense Interest Payable Interest Revenue Journalize t Notes Payable Notes Receivable hoose fron d then continue to the next que
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