On August 1, 2018, Alshon Company borrowed $30,000 by signing a 5-year, 4%, Note Payable.  The note requires annual payments of $6,000 plus interest each July 31.  

1)    Prepare the Amortization Table through 7/31/21

2)    Complete the journal entry on 8/1/18 for borrowing the $30,000

3)    Complete the journal entry needed to accrue interest on 12/31/18

4)    Complete the journal entry for the first payment, 7/31/19

Answer rating: 100% (QA)

1 Period Opening Balance Interest Principal Total Payment Closing Balance ... View the full answer