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Give the journal entry to record second instalment payment

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Question - On December 31, 2020 Below Zero Company borrowed $75,000 by signing an 11% instalment note payable that is to be repaid with six equal annual payments. The first payment is to be made on December 31, 2021.

Required -

1. Give the journal entry to record the issuance of the note payable.

2. Give the journal entry to record the first instalment payment on December 31, 2021.

3. Give the journal entry to record the second instalment payment on December 31, 2022.

Reference no: EM132884337

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