Samwall Ltd needed funding to bridge the gap between paying its suppliers and collecting its receivables As such, Samwall issued a $300,000, four year, 8 note at face value to Easy Loan Bank on January 1, 2017 and received $300,000 cash The note requires annual interest payments each December 31 Pr...

Samwall Ltd. needed funding to bridge the gap between paying its suppliers and collecting its receivables. As

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Samwall Ltd. needed funding to bridge the gap between paying its suppliers and collecting its receivables. As such, Samwall issued a $300,000, four-year, 8% note at to Easy Loan Bank on January 1, 2017 and received $300,000 cash. The note requires annual interest payments each December 31. Prepare Samwall's journal entries to record
(a) The note issuance and
(b) The December 31, 2017 interest payment.
Face Value
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...

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Question Posted: Feb 28, 2017 11:14 AM

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Samwall Ltd. needed funding to bridge the gap between paying its suppliers and collecting its receivables. As

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