On the first day of the fiscal year, a company issues $80,000, 7%, seven-year installment notes that
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On the first day of the fiscal year, a company issues $80,000, 7%, seven-year installment notes that have annual payments of $14,844. The first note payment consists of $5,600 of interest and $9,244 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes.
b. Journalize the first annual note payment.
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Related Book For 
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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