Question: On August 1, a $54,000, 8%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest

On August 1, a $54,000, 8%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest of $20,953.81.

Record the entry for first payment on July 31

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