Journalize the issuance of the note

Reference no: EM131820056

Question: Accounting for a long-term note payable On January 1, 2016, Locker-Farrell signed a $200,000, 10-year, 13% note. The loan required Locker-Farrell to make annual payments on December 31 of $20,000 principal plus interest.

Requirements: 1. Journalize the issuance of the note on January 1, 2016.

2. Journalize the first note payment on December 31, 2016.

Reference no: EM131820056

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