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20-07-2022
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On july 1, shady creek resort borrowed $330,000 cash by signing a 10-year, 9% installment note requiring equal payments each june 30 of $51,421. what is the journal entry to record the first annual payment

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Parrain Parrain

25-07-2022

The journal entry to record the first annual payment fot the loan to Shady Creek Resort is:

Date Account title Debit Credit

June, 30 Interest expense $27,000

Notes payable $24,421

Cash $51,421

How is the first annual payment recorded?

The interest expense is:

= 330,000 x 9%

= $27,000

Notes payable is:

= 51,421 - 27,000

= $24,421

Find out more on recording bond payments at https://brainly.com/question/16048929

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