On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment notes that

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On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment notes that have annual payments of $15,431. The first note payment consists of $3,900 of interest and $11,531 of principal repayment.

a. Journalize the entry to record the issuance of the installment notes.

b. Journalize the first annual note payment.

Related Book For answer-question

Accounting

ISBN: 978-0324401844

22nd Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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Posted Date: Jun 03, 2019 05:04 AM

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On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment notes that

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Accounting

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