On January 1, 2024, Corvallis Carnivals borrows $30,000 to purchase a delivery truck by agreeing to a
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On January 1, 2024, 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, 2024. Record the issuance of the installment note payable and the first monthly payment.
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General Journal Debit Credit Jan 1 Cash ...View the full answer
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