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On January 1, 2016, Lynd-Flint signed a $150,000, 5year, 15% note The loan required Lynd-Flint to make annual payments on December 31 of $30,000 principal

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On January 1, 2016, Lynd-Flint signed a $150,000, 5year, 15% note The loan required Lynd-Flint to make annual payments on December 31 of $30,000 principal plus interest Requirements 1. Journalize the issuance of the note on January 1, 2016 2. Journalize the first note payment on December 31, 2016. (Record debits first, then credits. Select explanations on the last line of the journal entry)

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