Interest-Bearing Notes The company borrowed $20,000 at 8% interest by issuing a note payable. The terms of
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Interest-Bearing Notes The company borrowed $20,000 at 8% interest by issuing a note payable. The terms of the note require yearly interest payments for seven years and repayment of the principal at the end of seven years. Make the necessary journal entries to record the following transactions:
1. Issuance of the note payable.
2. Payment of the first interest expense.
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Related Book For
Accounting Concepts And Applications
ISBN: 9780324376159
10th Edition
Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice, Monte R. Swain
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