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Can someone please assist me ASAP with solving this problem for accounting class? On January 1, 2018, Leng - Fern signed a $120,000, 6-year, 10%
Can someone please assist me ASAP with solving this problem for accounting class?
On January 1, 2018, Leng - Fern signed a $120,000, 6-year, 10% note. The loan required Leng - Fern to make annual payments on December 31 of $20,000 principal plus interest. Requirements 1. Journalize the issuance of the note on January 1, 2018 2. Journalize the first note payment on December 31, 2018. Requirement 1. Journalize the issuance of the note on January 1, 2018. (Record debits first, then credits. Select explanations on the last line of the joumal entry.) Date Accounts and Explanations Debit Credit 2018 Jan. 1 Requirement 2. Journalize the first note payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry) Date Accounts and Explanations Debit Credit 2018 Dec. 31Step by Step Solution
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