On August 1, a $43,200, 8%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest of $16,763.05. The entry to record the first payment on July 31 would include: A. Debit to Interest Expense of 3,192.00
B. Credit to cash 14,183.96
C. Credit to Notes payable of 17,375.96
D. Debit to Cash of 17,375.96
E. Debit to Notes payable of 17,375.96

Par value of note payable = $43,200

Interest rate = 8%

Annual installment = $16,763.05

Interest expense for year 1 = Par value of note payable * Interest rate = $43,200*8% = $3,456

Principal repayment in first installment = Annual installment - Interest expense for year 1 = $16,763.05 - $3,456 = $13,307.05

General Journal          Debit           Credit

Notes payable          $13,307.05

Interest expense      $3,456

Cash                                               $16,763.05

females are

explanation:

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.