On January 1, 2018, King Inc. borrowed $190,000 and signed a 5- year, note payable with a 10% interest rate. Each annual payment is in the amount of $47,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.) If an amount box does not require an entry, leave it blank. Jan. 1 Dec. 31 0 00

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On January 1, 2018, King Inc. borrowed $190,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $47,569 and payment is due each Dec. 31.

What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.) If an amount box does not require an entry, leave it blank.

Jan. 1   fill in the blank 2 fill in the blank 3
    fill in the blank 5 fill in the blank 6
Dec. 31   fill in the blank 8 fill in the blank 9
    fill in the blank 11 fill in the blank 12
    fill in the blank 14 fill in the blank 15
On January 1, 2018, King Inc. borrowed $190,000 and signed a 5-
year, note payable with a 10% interest rate. Each annual payment
is in the amount of $47,569 and payment is due each Dec. 31.
What is the journal entry on Jan. 1 to record the cash received and
on Dec. 31 to record the annual payment? (You will need to prepare
the first row in the amortization table to determine the amounts.) If
an amount box does not require an entry, leave it blank.
Jan. 1
Dec. 31
00
Transcribed Image Text:On January 1, 2018, King Inc. borrowed $190,000 and signed a 5- year, note payable with a 10% interest rate. Each annual payment is in the amount of $47,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.) If an amount box does not require an entry, leave it blank. Jan. 1 Dec. 31 00
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