Question
On January 1, MM Co. borrows $340,000 cash from a bank and in return signs an 8% installment note for five annual payments of $85,155
On January 1, MM Co. borrows $340,000 cash from a bank and in return signs an 8% installment note for five annual payments of $85,155 each.
1.Prepare the journal entry to record issuance of the note.
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Cost Accounting Principles And Applications
Authors: Horace Brock, Linda Herrington, La Vonda Ramey
7th Edition
0071115609, 978-0071115605
