Jennifer Capriati, Inc. issued a $100,000, 4-year, 11% note at face value to Forest Hills Bank on
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Jennifer Capriati, Inc. issued a $100,000, 4-year, 11% note at face value to Forest Hills Bank on January 1, 2008, and received $100,000 cash. The note requires annual interest payments each December 31. Prepare Capriati’s journal entries to record
(a) the issuance of the note and
(b) the December 31 interest payment.
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Related Book For 
Intermediate Accounting
ISBN: 9780471448969
11th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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