Question: On January 1 2015 Corvallis Carnivals borrows 30 000 to purchase

On January 1, 2015, Corvallis Carnivals borrows $30,000 to purchase a delivery truck by agreeing to a 5%, five-year loan with the bank. Payments of $566.14 are due at the end of each month, with the first installment due on January 31, 2015.
Record the issuance of the note payable and the first monthly payment.

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  • CreatedJuly 15, 2014
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