Business, 11.01.2020 01:31 danacoots

Camp elim obtains a $125,000, 6%, five-year installment note for a new camp bus on january 1, 2021. the note requires monthly installment payments of $2,416.60 what journal entry will be recorded for the first month’s payment on january 31, 2021?

multiple choice

debit interest expense $1,500; debit notes payable $916.60; credit cash $2,416.60

debit notes payable $625; debit interest expense $1,791.60; credit cash $2,416.60

debit interest expense $625; debit notes payable $1,791.60; credit cash $2,416.60

debit notes payable $1,500; debit interest expense $916.60; credit cash $2,416.60

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Camp elim obtains a $125,000, 6%, five-year installment note for a new camp bus on january 1, 2021....

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