Question
On January 1, $68,000 cash is borrowed from a bank in return for a 6% installment note with 24 monthly payments of $3,014 each. (Round
On January 1, $68,000 cash is borrowed from a bank in return for a 6% installment note with 24 monthly payments of $3,014 each. (Round your answers to the nearest whole dollars.) 1. Prepare the journal entry to record the issuance of the note. 2. Prepare the journal entry to record the first monthly interest payment.
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
13th Edition
978-0073379616, 73379611, 978-0697789938
