Question
On January 1, 2020, a company borrowed $50,000 cash by signing a 7% installment note that is to be repaid in five annual payments of
On January 1, 2020, a company borrowed $50,000 cash by signing a 7% installment note that is to be repaid
in five annual payments of $12,195 on December 31st of each year.
Required:
Prepare the journal entry to record the first and second installment payment.
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Accounting concepts and applications
Authors: Albrecht Stice, Stice Swain
11th Edition
978-0538750196, 538745487, 538750197, 978-0538745482
