Question: 6) Journalize the entries for Issuing the installment note & first interest payment (2 entries). Orn 4/1, Saints Company issues a $150,000, 5%, 7-year installment

6) Journalize the entries for Issuing the installment note & first

6) Journalize the entries for Issuing the installment note & first interest payment (2 entries). Orn 4/1, Saints Company issues a $150,000, 5%, 7-year installment note from Louie Bank. The note requires annual payments of $20,000, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest (?) and principal repayment of $12,500 Page 25 Credit Journal Description Debit Date

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