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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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
