$14-1 Accounting for a long-term note payable On January 1, 2018, Lakeman-Fay signed a $1,500,000, 15-year, 7% note. The loan required Lakeman-Fay to make annual payments on December 31 of $100,000 principal plus interest. Requirements 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first note payment on December 31, 2018.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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$14-1 Accounting for a long-term note payable
Learning Objec
On January 1, 2018, Lakeman-Fay signed a $1,500,000, 15-year, 7% note. The loan
required Lakeman-Fay to make annual payments on December 31 of $100,000
principal plus interest.
Requirements
1. Journalize the issuance of the note on January 1, 2018.
2. Journalize the first note payment on December 31, 2018.
Learning Obje
Transcribed Image Text:$14-1 Accounting for a long-term note payable Learning Objec On January 1, 2018, Lakeman-Fay signed a $1,500,000, 15-year, 7% note. The loan required Lakeman-Fay to make annual payments on December 31 of $100,000 principal plus interest. Requirements 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first note payment on December 31, 2018. Learning Obje
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