Question: Chieh Inc issued a 300 000 four year 8 note at face

Chieh, Inc. issued a $300,000, four-year, 8% note at face value to Cedar Bank on January 1, 2011, and received $300,000 cash. The note requires annual interest payments each December 31. Prepare Chieh’s journal entries to record
(a) The note issuance and
(b) The December 31 interest payment.

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  • CreatedAugust 23, 2015
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