Question
On January1, 2018, LeMayFinn signed a $420,000, 7-year, 5% note. The loan required LeMayFinn to make annual payments on December 31 of $60,000 principal plus
On January1, 2018, LeMayFinn signed a $420,000, 7-year, 5% note. The loan required LeMayFinn to make annual payments on December 31 of $60,000 principal plus interest.
Requirements
1.
Journalize the issuance of the note on January1, 2018
2.
Journalize the first note payment on December31, 2018
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Managerial Accounting
Authors: Ray H Garrison, Alan Webb, Theresa Libby
11th Canadian Edition
1259275817, 978-1259275814
