Question
JCC Incorporation issued a $160,000, 5-year, 9% note at face value to a Bank on January 1, 2014, and received $100,000 cash. The note requires
JCC Incorporation issued a $160,000, 5-year, 9% note at face value to a Bank on January 1, 2014, and received $100,000 cash. The note requires annual interest payments each December 31.
Prepare JCCs journal entries to record:
a. The issuance of the note and
b. The December 31 interest payment.
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Financial Investigation And Forensic Accounting
Authors: George A Manning
3rd Edition
0367864347, 9780367864347
