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eBook Show Me How On January 1 , Year 1 , Luzak Company issued a $ 6 3 , 0 0 0 , 4 -
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On January Year Luzak Company issued a $year, installment note to McGee Bank. The note requires annual payments of $ beginning on December Year
Journalize the entries to record the following:
Year
Jan. Issued the note for cash at its face amount.
Dec. Paid the annual payment on the note, which consisted of interest of $ and principal of $
Year
Dec. Paid the annual payment on the note, including $ of interest. The remainder of the payment reduced the principal balance on the note.
Issued the note for cash at its face amount.
Year Jan.
Paid the annual payment on the note, which consisted of interest of $ and principal of $ For a compound transaction, if an amount box does not require an entry, leave it blank.
Year Dec.
Paid the annual payment on the note, including $ of interest. The remainder of the payment reduced the principal balance on the note. For a compound transaction, if an amount box does not require an entry, leave it blank.
Year Dec.
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