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Journalize required transactions on July

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Question - On July 1, 2013, Avery Services issued a long-term note payable for $10,000. It is payable over a 5-year term in $2,000 installments on July 1 of each succeeding year.

Required - Show calculations

1. Journalize required transactions on July, 1 2013.

2. Journalize required transactions on Dec 31 2013.

3. Journalize required transactions on July 1 2014.

Reference no: EM132572210

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