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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 37
Entries for installment note transactions
On January 1 of 20Y2, Hebron Company issued a $175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of $43,380, beginning on December 31 of 20Y2. Journalize the entries to record the following:
On January 1 of 20Y2, Hebron Company issued a $175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of $43,380, beginning on December 31 of 20Y2. Journalize the entries to record the following:
Explanation
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Installment note : It refers to a type o...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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