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Journalize entry to record the issuance of installment notes

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Reference no: EM132934586

Question - Journalizing Installment Notes - On the first day of the fiscal year, a company issues $26,000, 12%, three-year installment notes that have annual payments of $10,825. The first note payment consists of $3,120 of interest and $7,705 of principal repayment.

a. Journalize the entry to record the issuance of the installment notes.

b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.

Reference no: EM132934586

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