Question

In: Accounting

Kim Corp sells medical equipment in the Miami area. Journalize the following transactions for             the...

Kim Corp sells medical equipment in the Miami area. Journalize the following transactions for

            the company in the month of May.

  1. Borrowed $24,000 at 6% for 5 years, with annual payments of $5,698
  2. Recorded the issuance of the note receiving the cash
  3. At the end of the first year, paid $5,698, of which $1,440 was for interest
  4. At the end of the second year, paid $5,698, of which $1,185 was interest.
  5. Made the final payment of $5,698, of which $324 was for interest

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Solutions

Expert Solution

a. No journal entry required since issuing of note and receiving cash occur in b.

For calculation ref:

ekkarill92 answered 3 years ago
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