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Journalize the first annual note payment

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Reference no: EM132962898

Question - If On the first day of the fiscal year, a company issues $45,000, 8%, seven-year installment notes that have annual payments of $8,643. The first note payment consists of $3,600 of interest and $5,043 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: EM132962898

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