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Complete the journal entry needed to accrue interest

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On August 1, 2018, Alshon Company borrowed $30,000 by signing a 5-year, 4%, Note Payable. The note requires annual payments of $6,000 plus interest each July 31.

Problem 1) Prepare the Amortization Table through 7/31/21

Problem 2) Complete the journal entry on 8/1/18 for borrowing the $30,000

Problem 3) Complete the journal entry needed to accrue interest on 12/31/18

Problem 4) Complete the journal entry for the first payment, 7/31/19

Reference no: EM132668871

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