Question: On August 1, a $39,600,8%,3-year installment note payable is issued by a company. The note requires equol payments of princlpal plus accrued interest of $15,366.13.

On August 1, a $39,600,8%,3-year installment note payable is issued by a company. The note requires equol payments of princlpal plus accrued interest of $15,366.13. The entry to record the first payment on July 31 would include: Multiple Choice Credit to Notes Payabie of 515.366+13 Credito Cash 512.59843 Debitio interest Expense of 5316800 Detin to Noess Payable of 515.35013

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