Question

On January​ 1, 20182018​, you borrowed $ 15 comma 000$15,000 on a​ five-year, 99 percent note payable. At December​ 31, 20182018​, you should record a journal entry that includes which of the​ following?

Answer 1

1

Interes expense 1350

Interes payable 1350

Anual interest 9%

2

Interest payable 1350

Bank Loan 2506

Bank 3856

IPayment loan and interest ( if the payment is annual)

Step-by-step explanation:

N Pay. Capital Interest Loan

15.000

1 3.856 2.506 1.350 12.494

2 3.856 2.732 1.124 9.762

3 3.856 2.978 879 6.784

4 3.856 3.246 611 3.538

5 3.856 3.538 318 0