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On January 1, Kuang Corporation obtained a $215,000, 8-year, 5% installment note from DBS Bank. The note required annual payments of $33,625, with the first
On January 1, Kuang Corporation obtained a $215,000, 8-year, 5% installment note from DBS Bank. The note required annual payments of $33,625, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $10,750 and principal repayment of $22,515. The journal entry to record the payment of the first annual amount due on the note would include a
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The Volunteers Audit Guide For Churches And Other Non Profits A Step By Step Workbook For Internal Reviews Of Non Profit Organizations
Authors: Edd Breeden
1st Edition
1079582401, 978-1079582406
