On January 1, 2018, CPS Co. borrowed $340,000 cash from iLend and issued a five-year, $340,000, 4% note. Interest was payable annually on December 31.
Required:
Prepare the journal entries for both firms to record interest at December 31, 2018.

Question

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The Answer of On January 1, 2018, CPS Co. borrowed $340,000 cash from iLend and issued a five-year, $340,000, 4% note. Interest was payable annually on December 31.
Required:
Prepare the journal entries for both firms to record interest at December 31, 2018.