On January 1, 2021, Corvallis Carnivals borrows $30,000 to purchase a delivery truck by agreeing to a

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On January 1, 2021, 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, 2021. Record the issuance of the note payable and the first monthly payment.

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Financial Accounting

ISBN: 978-1259914898

5th edition

Authors: David Spiceland, Wayne M. Thomas, Don Herrmann

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