On January 1,2018,Belview,Inc.issued long-term notes payable for $50,000.The note will be paid over 10 years with payments of $5,000 plus 12% interest due each January 1,beginning January 1,2019.The amortization schedule for the first three payments is provided.Prepare the journal entries for the issuance of the note and for the January 1,2020 note payment.Omit explanation.
Definitions:
Serial Communications Interface
A type of data transfer where information is sent sequentially, one bit at a time, over a communication channel.
WT ECU
A Weight Terminal Electronic Control Unit; a device designed for managing and monitoring weight-related data in vehicular and industrial systems.
Cruise Control
An electronic system that automatically controls the speed of a vehicle, maintaining a consistent speed as set by the driver.
Electrical Circuit
An electrical circuit is a pathway or loop that allows for the flow of electric current, consisting of sources, connections, and electrical components.
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