On January 1, 2024, 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, 2024. 2. Journalize the first note payment on December 31, 2024. Requirement 1. Journalize the issuance of the note on January 1, 2024. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Date Accounts and Explanations 2024 Jan. 1 Debit Credit

On January 1, 2024, 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, 2024. 2. Journalize the first note payment on December 31, 2024. Requirement 1. Journalize the issuance of the note on January 1, 2024. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Date Accounts and Explanations 2024 Jan. 1 Debit Credit

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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