Question
On January 1, 2010, Merrill Company borrowed $170,000 on a 10-year, 8% installment note payable. The terms of the note require Merrill to pay 10
On January 1, 2010, Merrill Company borrowed $170,000 on a 10-year, 8% installment note payable. The terms of the note require Merrill to pay 10 equal payments of $21,238 each December 31 for 10 years. The required general journal entry to record the first payment on the note on December 31, 2010 is:
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Auditors Guide To IT Auditing Software Demo
Authors: Richard E. Cascarino
2nd Edition
1118147618, 978-1118147610
