This Questlom 2 pts
4
5 of 5 (3 complete)
On January 1, 2018, Fox Corporation signed an $80,000, four-year, 4% note. The loan required Fox to make payments annually on December 31 of $20,000 principal plus interesi.
1. Journalize the issuance of the note on January 1, 2018.
2. Journalize the first payment on December 31, 2018.
(Record debits first, then credits. Select explanations on the last line of the journal entry.)
Journalize the issuance of the note on January 1, 2018.
Date
Jan. 1
Accounts and Explanation
Joumalize the first payment on December 31, 2018.
Data
Dec. 31
Accounts and Explanation
Debit
Credit
Debit
Credit