On December 31, 2019 Golden Feathers Inc. borrowed a loan with the following details: The loan is to be paid back with equal annual payments. Loan amount 150,000 Interest 7% Length (years) 8 

REQUIRED: 1. Give the journal entry to record the issuance of the note payable. 2. Give the journal entry to record the first instalment payment on December 31, 2020 3. Assume instead of a December 31 year end the company has a March 31 year end. Prepare the year end entry on March 31, 2020 and the first instalment payment on December 31, 2020. Golden Feathers Inc. does not use reversing entries.

Answer rating: 100% (QA)

1 Date Particulars Debit Credit Dec 31 2019 Cash 150000 To Notes Payable 150000 2 Date P... View the full answer