On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment
notes...
Mathematics, 05.05.2020 06:39 chrisraptorofficial
On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment
notes that have annual payments of $15,431. The first note payment consists of $3,900 of
interest and $11,531 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes.
b. Journalize the first annual note payment.
Answers: 3
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