Question: Cullumber Lake Corp. issues a 672000, 4 year, 3% note payable on March 31, 2024. The terms provide for fixed principal payments annually of $168000.

Cullumber Lake Corp. issues a 672000, 4 year, 3% note payable on March 31, 2024. The terms provide for fixed principal payments annually of $168000. Prepare journal entry to record the note on March 31, 2024. And the first payment on march 1 2025

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Journal Entries for Cullumber Lake Corp March 31 2024 Note Issuance This entry records the issuance ... View full answer

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