Prepare the company''s journal entry to record the note, Accounting Basics

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Prepare the company''s journal entry to record the note

On january 1 a company borrowed $70000 cash by signing a 9% installment note that is to be repaid with 4 annual year-end payments of $21607 the first which is due on december 31 year 1.

a. prepare the company's journal entry to record the note's issuance

b. prepare the journal entries for the first and second installment payments

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Accounting Basics: Prepare the company''s journal entry to record the note

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Accounting Basics: Prepare the company''s journal entry to record the note

Reference No:- TGS0692971

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : What are the total product costs

Q : Calculate the heat given off by the burning

Q : What are the required units of production

Q : Deducting the related allowance

Q : Prepare the company''s journal entry to record the note

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Prepare the company''s journal entry to record the note

Reference No:- TGS0692971

Recent Questions Asked Accounting Basics

Q : What are the total product costs

Q : Calculate the heat given off by the burning

Q : What are the required units of production

Q : Deducting the related allowance

Q : Prepare the company''s journal entry to record the note

Q : Compute the cost of a fourth raft

Q : Estimated total costs at completion

Q : Discuss the segment margin for product t

Q : Cquisition of a subsidiary company

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