Use the data in Exercise 14-23 to prepare journal entries that Sack Port Ventures Inc. would make

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Use the data in Exercise 14-23 to prepare journal entries that Sack Port Ventures Inc. would make to record the loan on December 31, 2023, and the four payments starting on December 31, 2024, through the final payment on December 31, 2027.

 

Data From Exercise 14-23

On December 31, 2023, Sack Port Ventures Inc. borrowed $90,000 by signing a four-year, 5% installment note. The note requires annual payments of accrued interest and equal amounts of principal on December 31 of each year from 2024 through 2027.

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Fundamental Accounting Principles Volume 2

ISBN: 9781260881332

17th Canadian Edition

Authors: Kermit D. Larson, Heidi Dieckmann, John Harris

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