Journalizing installment notesOn the first day of the fiscal year, a company issues $45,000, 8%, six-year installment notes that have annual payments of $9,734. The first note payment consists of $3,600 of interest and $6,134 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.b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.000000

Journal Entries Record The All Business Transactions In Accounting Journal. It Is First Step Of…

the first day of the fiscal year, a company issues $45,000, 8%, six-year installment notes that have annual payments of $9,734. The first note payment consists of $3,600 of interest and $6,134 of Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.

the first day of the fiscal year, a company issues $45,000, 8%, six-year installment notes that have annual payments of $9,734. The first note payment consists of $3,600 of interest and $6,134 of Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.

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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