For the following transaction,provide all of the required journal entries from inception to liquidation.Assume a December 31 year end and that the company does not prepare interim statements.Round all amounts to nearest dollar.
$\begin{array}{lr}
\text { Face value of note payable } & \$ 200,000 \
\text { Date of issue for note } & \text { May } 1,2016 \
\text { Due date for note } & \text { May } 1,2017 \
\text { Interest rate in the note } & 5 \% \
& \text { (interest due at maturity) } \
\text { Market rate of interest } & 5 \% \
\text { Consideration received } & \text { Cash }
\end{array}$

Question

For the following transaction,provide all of the required journal entries from inception to liquidation.Assume a December 31 year end and that the company does not prepare interim statements.Round all amounts to nearest dollar.
 $\begin{array}{lr}
\text { Face value of note payable } & \$ 200,000 \
\text { Date of issue for note } & \text { May } 1,2016 \
\text { Due date for note } & \text { May } 1,2017 \
\text { Interest rate in the note } & 5 \% \
& \text { (interest due at maturity) } \
\text { Market rate of interest } & 5 \% \
\text { Consideration received } & \text { Cash }
\end{array}$

Quizplus · Accepted Answer

The Answer of For the following transaction,provide all of the required journal entries from inception to liquidation.Assume a December 31 year end and that the company does not prepare interim statements.Round all amounts to nearest dollar.
 $\begin{array}{lr}
\text { Face value of note payable } & \$ 200,000 \
\text { Date of issue for note } & \text { May } 1,2016 \
\text { Due date for note } & \text { May } 1,2017 \
\text { Interest rate in the note } & 5 \% \
& \text { (interest due at maturity) } \
\text { Market rate of interest } & 5 \% \
\text { Consideration received } & \text { Cash }
\end{array}$

For the Following Transaction,provide All of the Required Journal Entries