Cambria Limited took a $$250,000$ two$-$year note receivable from a customer in connection with a major inventory sale transaction on $1$ January $20$X$5.$ The note required annual end$-$of$-$year interest payments of $8\%,$ and the principal was due at the end of $20$X$6.$

$($PV of $$1,$ PVA of $$1,$ and PVAD of $$1.)($Use appropriate factor$($s$)$ from the tables provided.$)$Prepare journal entries to record the initial sale transaction and each payment on the books of the customer who bought inventory

and owes the note, consistent with requirement $2.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required"

in the first account field. Round time value factor to $5$ decimal places and final answers to the nearest whole dollar amount.$)$

Journal entry worksheet

Record the issue of notes payable.

Note: Enter debits before credits.