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  3. 1. january 1 - you borrowed $100,000 from the bank

1. January 1 - You borrowed $100,000 from the bank for Cash. The terms of...

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Accounting

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1. January 1 - You borrowed $100,000 from the bank for Cash. The terms of the Note include annual principal payments of $5,000 with 5% interest due each December 31 . Record the journal entries, t-accounts (for the note only), and show how the Note is reflected on the balance sheet for the first 3 years. 2. January 1 - You borrowed $500,000 from the bank for Cash. The terms of the Note include annual principal payments of $50,000 with 7% interest due each December 31 . Record the journal entries, t-accounts (for the note only), and show how the Note is reflected on the balance sheet for the first 3 years

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