On January 1, 2024, Lakeman-Fay signed a $1,500,000, 15-year, 7% note. The loan required Lakeman-Fay to make
Question:
On January 1, 2024, Lakeman-Fay signed a $1,500,000, 15-year, 7% note. The loan required Lakeman-Fay to make annual payments on December 31 of $100,000 principal plus interest.
Requirements
1. Journalize the issuance of the note on January 1, 2024.
2. Journalize the first note payment on December 31, 2024.
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Related Book For
Horngrens Accounting The Financial Chapters
ISBN: 9780136162186
13th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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