Question
Mar. 1 (2014) Borrowed $360,000 from Lessburg Bank. The six year, 10% note requires payments due annually on March 1. Each payment consists of $60,000
Mar. 1 (2014) Borrowed $360,000 from Lessburg Bank. The six year, 10% note requires payments due annually on March 1. Each payment consists of $60,000 principal plus one year's interest.
Mar 1. (2015) Payed fist installment on note due to Lessburg Bank.
How is this Journalized and the liabilities section of the balance sheet done?
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Accounting concepts and applications
Authors: Albrecht Stice, Stice Swain
11th Edition
978-0538750196, 538745487, 538750197, 978-0538745482
