Solution-Journalize the first annual note payment

Journalize the first annual note payment

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Reference no: EM132878949

Problem - Journalizing installment notes - On the first day of the fiscal year, a company issues $100,000, 8%, six-year installment notes that have annual payments of $21,632. The first note payment consists of $8,000 of interest and $13,632 of principal repayment.

Required -

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

b. Journalize the first annual note payment.

Reference no: EM132878949

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Journalize the first annual note payment

Reference no: EM132878949

Reference no: EM132878949

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