On January 1, $50,000 cash is borrowed from a bank in return for a 6% installment note

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On January 1, $50,000 cash is borrowed from a bank in return for a 6% installment note with 24 monthly payments of $2,216 each. Prepare the journal entry to record

(1) The issuance of the note and

(2) The first monthly interest payment.

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Fundamental Accounting Principles

ISBN: 9781260247985

25th Edition

Authors: John J Wild, Ken Shaw

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Question Posted: Oct 27, 2021 02:49 AM

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On January 1, $50,000 cash is borrowed from a bank in return for a 6% installment note

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