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On 12/31/19 we sign a 3-year note receivable for $50,000 in payment for services that we provided to a client. This amount does not include
On 12/31/19 we sign a 3-year note receivable for $50,000 in payment for services that we provided to a client. This amount does not include interest. Annual year-end payments $20,106 begin on 12/31/20. The payments include both principal and interest at 10%.
- Prepare an amortization table
- Prepare the journal entry for 12/31/19
- Prepare the journal entry for 12/31/20
- Prepare the journal entry for 1/1/21
- Prepare the journal entry for 1/1/22
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