question archive On the first day of the fiscal year, a company issues $55,000, 9%, five-year installment notes that have annual payments of $ 14,140
On the first day of the fiscal year, a company issues $55,000, 9%, five-year installment notes that have annual payments of $ 14,140
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On the first day of the fiscal year, a company issues $55,000, 9%, five-year installment notes that have annual payments of $ 14,140. The first note payment consists of $4,950 of interest and $9,190 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes.
b. Journalize the first annual note payment.
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