Question
On January 1, 2021, Dixon Company borrowed $50,000 by issuing a 5-year note to First Bank. The note had a 10% annual rate of interest.
On January 1, 2021, Dixon Company borrowed $50,000 by issuing a 5-year note to First Bank. The note had a 10% annual rate of interest. The loan agreement called for five equal payments of $13,190 on December 31 of each year 2021 through 2025. What is the correct journal entry to record the loan payment on December 31, 2021? 
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Personal Trainer 3 0 Online For Albright/Ingram/Hills Managerial Accounting Information For Decisions
Authors: Thomas L. Albright, Robert W. Ingram, John S. Hill
4th Edition
0324233388, 978-0324233384
