Homework Answers
| Journal Entries | |||
| Date | Account Title | Debit -$ | Credit -$ |
| The issuance of the note on Jan 1 2018 | |||
| 1-Jan-18 | Cash | ||
| Notes Payable | $100,000 | ||
| received cash in exchange for a 4 yr 9% note | $100,000 | ||
| 31-Dec-18 | Notes Payable | $25,000 | |
| Interest Expense($100000*.09*1) | $9,000 | ||
| Cash | $34,000 | ||
| The first payment on Dec 31 2018 | |||
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