Question
On January 1, Year 1, Stratton Company borrowed $120,000 on a 10-year, 8% installment note payable. The terms of the note require Stratton to pay
On January 1, Year 1, Stratton Company borrowed $120,000 on a 10-year, 8% installment note payable. The terms of the note require Stratton to pay 10 equal payments of $17,884 each December 31 for 10 years. The required general journal entry to record the payment on the note on December 31, Year 2 is:
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Auditing and Assurance services an integrated approach
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
14th Edition
133081605, 132575957, 9780133081602, 978-0132575959
