Question
On January 1, 2018 Lakeman-Fay signed a $1,500,000, 15 year, 7% note. The loan required Lakeman-Fay to make annual payments on December 31 of $100,000
On January 1, 2018 Lakeman-Fay signed a $1,500,000, 15 year, 7% note. The loan required Lakeman-Fay to make annual payments on December 31 of $100,000 principal plus interest.
Required:
Journalize the issuance of the note on January 1, 2018
Journalize the first note payment on December 31, 2018
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Accounting Fraud, Maneuvering And Manipulation, Past And Present
Authors: Gary Giroux
2nd Edition
1947098748, 9781947098749
