Question: On the first day of the fiscal year a company

On the first day of the fiscal year, a company issues $80,000, 7%, seven-year installment notes that have annual payments of $14,844. The first note payment consists of $5,600 of interest and $9,244 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes.
b. Journalize the first annual note payment.


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  • CreatedFebruary 28, 2014
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