Business, 29.07.2020 21:01 alondrabarraza

Flipco signed a 10-year note payable on January 1, 2018, of $ 800, 000. The note requires annual principal payments each December 31 of $ 80, 000 plus interest at 5%. The entry to record the annual payment on December 31, 2019, includes: A. a debit to Interest Expense for $ 36, 000.
B. a debit to Interest Expense for $ 40, 000.
C. a credit to Notes Payable for $ 80, 000.
D. a credit to Cash of $ 120, 000.

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Flipco signed a 10-year note payable on January 1, 2018, of $ 800, 000. The note requires annual pri...