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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 17
Accounting for a long-term note payable
On January 1, 2014, LeMay-Finn, Co., signed a $200,000, five-year, 6% note. The loan required LeMay-Finn to make payments on December 31 of $40,000 principal plus interest.
Requirements
1. Journalize the issuance of the note on January 1, 2014.
2. Journalize the reclassification of the current portion of the note payable.
3. Journalize the first note payment on December 31, 2014.
On January 1, 2014, LeMay-Finn, Co., signed a $200,000, five-year, 6% note. The loan required LeMay-Finn to make payments on December 31 of $40,000 principal plus interest.
Requirements
1. Journalize the issuance of the note on January 1, 2014.
2. Journalize the reclassification of the current portion of the note payable.
3. Journalize the first note payment on December 31, 2014.
Explanation
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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