Solution-Entries for issuing installment note transactions

Entries for issuing installment note transactions

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Reference no: EM13534263

Entries for issuing installment note transactions

On January 1, 2012, Averill Company issued a $120,000, 8-year, 10% installment note from Deacon Bank. The note requires annual payments of $22,493, beginning on December 31, 2012. Journalize the entries to record the following:

2012
Jan. 1.	Issued the notes for cash at their face amount.
Dec. 31.	Paid the annual payment on the note, which consisted of interest of $12,000 and principal of $10,493.
2017
Dec. 31.	Paid the annual payment on the note, which consisted of interest of $5,594 and principal of $16,899.

Reference no: EM13534263

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Entries for issuing installment note transactions : Entries for issuing installment note transactions - Journalize the entries to record the transactions

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Entries for issuing installment note transactions

Reference no: EM13534263

Reference no: EM13534263

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