Note Payable problem. On November 1, 2021, Good Luck Inc. received Equipment valued at $600,000 in exchange for a 8% long-term note payable. The note ispayable over a 20-year term in $30,000 principal installments due on November 1 of each year, beginning November 1, 2022. At the time of each installment theinterest due at that time is paid also. In the space below provide the following 3 journal entries: The November 1, 2021 entry to roceive the Equipment and put thenote on the books, the Dec 31, 2021 adjusting entry for 2 months of interest, and the November 1, 2022 payment of the installment and interest

Note Payable problem. On November 1, 2021, Good Luck Inc. received Equipment valued at $600,000 in exchange for a 8% long-term note payable. The note is payable over a 20-year term in $30,000 principal installments due on November 1 of cach year, beginning November 1, 2022. At the time of cach installment the interest due at that time is paid also. In the space below provide the following 3 jourmal entries: The November I, 2021 entry to receive the Equipment and put the note on the books, the Dec 31, 2021 adjusting entry for 2 months of interest, and the November 1, 2022 payment of the installment and interest.

Note Payable problem. On November 1, 2021, Good Luck Inc. received Equipment valued at $600,000 in exchange for a 8% long-term note payable. The note is payable over a 20-year term in $30,000 principal installments due on November 1 of cach year, beginning November 1, 2022. At the time of cach installment the interest due at that time is paid also. In the space below provide the following 3 jourmal entries: The November I, 2021 entry to receive the Equipment and put the note on the books, the Dec 31, 2021 adjusting entry for 2 months of interest, and the November 1, 2022 payment of the installment and interest.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 14EA: Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1,...

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