Question
On January 1, 2024, Paradise Tours borrows $33,000 by agreeing to a 6%, four-year note with the bank. Loan payments of $775.01 are due at
On January 1, 2024, Paradise Tours borrows $33,000 by agreeing to a 6%, four-year note with the bank. Loan payments of $775.01 are due at the end of each month with the first installment due on January 31, 2024.
Record the issuance of the installment note payable and the first two monthly payments.
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College Accounting Chapters 1-29
Authors: John J. Wild, Vernon J. Richardson, Ken W. Shaw
2nd Edition
0077398173, 978-0077398170
