11) On January 1, 20X9, Amanda Mackenzie purchased a $24,000 car, making a $4,000 down payment, and borrowing the rest on a 4-year note at 8% interest. She agrees to make annual payments of $6,038.47, starting January 1, 2X10. What is the journal entry that Amanda would make on January 1, 2X10, for the first payment on the note?

A) Note Payable 6,038.47

Cash 6,038.47

B) Interest Payable 1,600.00

Note Payable 4,438.47

Cash 6,038.47

C) Interest Expense 483.08

Note Payable 5,555.39

Cash 6,038.47

D) Interest Expense 1,920.00

Note Payable 4,118.47

Cash 6,038.47

E) Interest Expense 5,555.39

Note Payable 438.08

Cash 6,038.47

Answer rating: 100% (QA)

The correct journal entry for Amanda s first payment on the note would be ... View the full answer