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Please help me with A-C and show calculations, Thanks! Johnston Oil Company borrowed $90,000 on January 1, 2019 from the local bank at 5%. The
Please help me with A-C and show calculations, Thanks!
Johnston Oil Company borrowed $90,000 on January 1, 2019 from the local bank at 5%. The loan requires annual payments of $12,663 at the end of each year for the next nine years. At the end of the 9th year, the loan will be fully paid off.
Present the required journal entry, in general journal format, for each of the following dates:
a. January 1, 2019
b. December 31, 2019.
c. December 31, 2020.
You may round to nearest whole dollar. Show all supporting calculations and label them neatly.
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