Question

please tell me what the interest payable, intrest expense, and notes payable journal entries and dollar amounts: After careful research and contacting manufacturing plant executives in Bangladesh, China, India, Russia and Germany, LuVerne proceeded to compare loan terms offered by her local banks to determine which financier will be the most supportive of her young business. After spending a week visiting representatives from each institution, she finally signed a $60,000, 4% annual interest (simple interest) note payable on December 1, 2018. Theloanisa5-yearloanwiththefirstmonthlypaymentdueonJanuary1,2019.Theloanwasasmall business loan, granting her cash to be used to expand her operations into manufacturing.

Answer 1