Question
On December 31, Leann Corp. pays $5,120 on an installment note that requires annual payments. The outstanding loan balance on January 1 was $50,000; the
On December 31, Leann Corp. pays $5,120 on an installment note that requires annual payments. The outstanding loan balance on January 1 was $50,000; the effective interest rate is 8%. The journal entry to recognize the payment should include debits to?
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Accounting and Finance An Introduction
Authors: Peter Atrill, Eddie McLaney
8th edition
129208829X, 1292088297, 978-1292088297
