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Journalizing Installment Notes On the first day of the fiscal year, a company issues $39,000, 10%, four-year installment notes that have annual payments of $12,303. The first note payment consists of $3,900 of interest and $8,403 of principal repayment. a.  Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select - - Select -   b.  Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select - - Select -     - Select - - Select -

Journalizing Installment Notes On the first day of the fiscal year, a company issues $39,000, 10%, four-year installment notes that have annual payments of $12,303. The first note payment consists of $3,900 of interest and $8,403 of principal repayment. a.  Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select - - Select -   b.  Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select - - Select -     - Select - - Select -

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Journalizing Installment Notes

On the first day of the fiscal year, a company issues $39,000, 10%, four-year installment notes that have annual payments of $12,303. The first note payment consists of $3,900 of interest and $8,403 of principal repayment.

a.  Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.

 
 
 - Select - - Select -
 
 
 - Select - - Select -
 

b.  Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.

 
 
 - Select - - Select -
 
 
 - Select - - Select -
 
 
 - Select - - Select -
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