For the Following Transaction, Provide All of the Required Journal

question 38

Essay

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. $\begin{array}{lr}\text { Face value of note payable } & \$ 200,000 \\\text { Date of issue for note } & \text { May } 1,2019 \\\text { Due date for note } & \text { May } 1,2020 \\\text { Interest rate in the note } & 5 \% \\& \text { (interest due at maturity) } \\\text { Market rate of interest } & 5 \% \\\text { Consideration received } & \text { Cash }\end{array}$

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