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Cynthia Dixie Accounting Inc. takes advantage of a well-known office furnishings store's low-interest-rate financing. Cynthia buys furniture on the first day of its fiscal year, signing a $19,000, five-year note. The note is payable in full at maturity. Interest is payable annually at 2%. The market rate of interest for similar transactions is 5%.
Required:
Question 1: Prepare journal entries to record:
a. The purchase of the office furniture.
b. The payment of interest and related amortization of the discount at the end of year 1.
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