Question
On January1, 2018, LeMayFinn signed a $420,000, 7-year, 5% note. The loan required LeMay-Finn LeMayFinn to make annual payments on December 31 of $60,000 principal
On January1, 2018, LeMayFinn signed a $420,000, 7-year, 5% note. The loan required LeMay-Finn
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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Entrepreneurial Finance
Authors: J. Chris Leach, Ronald W. Melicher
6th edition
1305968352, 978-1337635653, 978-1305968356
