Question
On January 1, a company borrowed $50,000 cash by signing a 7% installment note that is to be repaid in 5 annual end of year
On January 1, a company borrowed $50,000 cash by signing a 7% installment note that is to be repaid in 5 annual end of year payments of $12,195. The first pay,ent is due on December 31. Prepare the journal entries to record the first and second installment payments?
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Audit Workbook
Authors: Azhar Ul Haque Sario
1st Edition
B0C9SG1YC6, 979-8851207891
