Business, 31.07.2019 00:30 meganjackson155

On january 1, year 1, barnes company issued a $100,000 installment note. the note had a 10-year term and an 8 percent interest rate. barnes agreed to repay the principal and interest in 10 payments of $14,903 at the end of each year. which of the following shows the journal entry necessary to recognize the cash payment on december 31, year 1? note: the amounts shown in the journal entries are rounded to the nearest whole dollar.(a) debit: interest expense $8,000; notes payable $6,903; credit: cash $14,903(b) debit: interest expense $8,000; cash $6,903; credit: notes payable $14,903(c) debit: interest expense $14,903; credit: cash $14,903(d) debit: notes payable $14,903; credit: cash $14,903

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On january 1, year 1, barnes company issued a $100,000 installment note. the note had a 10-year term...