On January 1, 2018, King Inc. borrowed $190,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $47,569 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? (You will need to prepare the first row in the amortization table to determine the amounts.) If an amount box does not require an entry, leave it blank.Jan. 1 fill in the blank 2fill in the blank 3 fill in the blank 5fill in the blank 6Dec. 31 fill in the blank 8fill in the blank 9 fill in the blank 11fill in the blank 12 fill in the blank 14fill in the blank 15 On January 1, 2018, King Inc. borrowed $190,000 and signed a 5-year, note payable with a 10% interest rate. Each annual paymentis in the amount of $47,569 and payment is due each Dec. 31.What is the journal entry on Jan. 1 to record the cash received andon Dec. 31 to record the annual payment? (You will need to preparethe first row in the amortization table to determine the amounts.) Ifan amount box does not require an entry, leave it blank.Jan. 1Dec. 3100

The journal entries are prepared to keep the record of day to day transactions of the business.

Answered: On January 1, 2018, King Inc. borrowed…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On January 1, 2018, King Inc. borrowed $190,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $47,569 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? (You will need to prepare the first row in the amortization table to determine the amounts.) If an amount box does not require an entry, leave it blank.

Jan. 1	fill in the blank 2	fill in the blank 3
	fill in the blank 5	fill in the blank 6
Dec. 31	fill in the blank 8	fill in the blank 9
	fill in the blank 11	fill in the blank 12
	fill in the blank 14	fill in the blank 15

On January 1, 2018, King Inc. borrowed $190,000 and signed a 5-
year, note payable with a 10% interest rate. Each annual payment
is in the amount of $47,569 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? (You will need to prepare
the first row in the amortization table to determine the amounts.) If
an amount box does not require an entry, leave it blank.
Jan. 1
Dec. 31
00

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