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On 1/1/X1, Gerri Corp. borrowed $450,000 by agreeing to a 9%, 9-year installment note with the bank. The notes proceeds will
The journal entry to record the note is already shown in the journal below ng: The note will be paid back in nine equal annua
On 1/1/X1, Geri Corp. borrowed $450,000 by agreeing to e 9 %. 9-year instaliment note with the bank. The notes proceeds will
On 1/1/X1, Geri Corp. borrowed $450,000 by sgreeing to e 9%. 9-yeer instaliment note with the benk The notes proceeds will e
On 1/1/X1, Gemi Corp borrowed $450.000 by agreeing to a 9 % , 9-year installment note with the bank The notes proceeds will
On 1/1/X1, Gem Corp. borrowed $450,000 by sgreeing to a 9%, 9-year installment note with the benk The notes proceeds will ev
19 On 1/1/x1, Germi Corp borrowed $450,000 by agreeing to a 9%, 9-year installment note with the bank The notes proceeds wil
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Answer #1

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--Remaining two entries would be

Date Accounts title Debit Credit
12/31/X1 Interest Expense ($450000 x 9%) $40,500
Notes Payable $34,559
   Cash $75,059
(#1 payment)
12/31/X2 Interest Expense ([$450000 - 34559) x 9%) $37,390
Notes Payable $37,669
   Cash $75,059
(#2 payment)
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