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please solve and provide journal The$10,000.00balance in the Long-Term Note Payable account is the balance owing from a $100,000.00, 6% note that requires quarterly payments
please solve and provide journal
- The$10,000.00balance in the Long-Term Note Payable account is the balance owing from a $100,000.00, 6% note that requires quarterly payments of$5,000.00plus accrued interest on the unpaid balance. The $5,000.00 payments, plus accrued interest from the previous quarter, are made the first day of January, April, July, and October of each year. Accrue the quarterly interest on the$10,000.00, 6%, long-termnotes payable.
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