Question 23 (Mandatory) (4 points) On January 1, 20X1, Jax Company borrows $30,000 to purchase a new vehicle for use in the business by signing a 6%, 4-year note payable with the bank. Payments of $704.55 are due at the end of each month with the first installment due on January 31, 20X1. The correct journal entry for Jax to record on January 1 will: increase the Vehicle account and increase the Depreciation Expense account by $30,000. increase the Vehicle account and increase the Notes Payable account by $30,000. there is not enough information provided to answer this quetsion. increase the Vehicle account and increase the Cash account by $30,000. Previous Page Next Page