Journalizing Installment Notes On the first day of the fiscal year, a company issues $39,000, 10%, four-year installment notes that have annual payments of $12,303. The first note payment consists of $3,900 of interest and $8,403 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select -
Journalizing Installment Notes On the first day of the fiscal year, a company issues $39,000, 10%, four-year installment notes that have annual payments of $12,303. The first note payment consists of $3,900 of interest and $8,403 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select -
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.6BE: Journalizing installment notes On the first day of the fiscal year, a company issues 45,000, 8%,...
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Journalizing Installment Notes
On the first day of the fiscal year, a company issues $39,000, 10%, four-year installment notes that have annual payments of $12,303. The first note payment consists of $3,900 of interest and $8,403 of principal repayment.
a.
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b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.
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- Select - | - Select - | |
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- Select - | - Select - | |
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- Select - | - Select - |
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