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What is the journal entry on jan to record the cash received

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Question 1: Instead of borrowing on a short-term note, you are thinking on borrowing $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 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?

Reference no: EM132864845

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