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What would be the total note payable balance

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Question - On December 31, 2018, Zaharah Company negotiates a note payable from the bank for $60,000 with a term of six years, bearing an annual interest rate of 6%. For this note payable, $10,000 plus interest is payable every December 31. Zaharah has a December 31 year end, and it prepares adjusting entries and financial statements only once a year.

Required -

a) Prepare the journal entry to record the cash receipt from the note payable.

b) Prepare the journal entry to record the payment of the first installment plus interest on December 31, 2019.

c) What would be the total note payable balance on December 31, 2019? How much would be considered current?

Reference no: EM133164749

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