On january 1, 2015, brooks inc. borrows $90,000 from a bank and signs a 5% installment note requiring four annual payments of $25,381. click here to see payment schedule. record the first installment payment on december 31, 2015. complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. if more than one account needs to be debited or credited, enter the account titles alphabetically.
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Ответ:
The journal entry which is to be recorded for the first installment payment on the note is shown below:
Explanation:
The journal entry is as on December 31, 2015
Interest Expense A/cDr $4,500
Notes Payable A/cDr $20,881
Cash A/cCr $25,381
Working Note:
Interest expense = Borrowed amount × 5%
= $90,000 × 5%
= $4,500
Note Payable = Cash - Interest expense
= $25,381 - $4,500
= $20,881
Ответ:
to hard help me bro