On January 1,2010,a company borrowed $50,000 cash by signing a 7% installment note that is to be repaid in 5 annual end-of-year payments of $7,189.The first payment is due on December 31,2010.Prepare the general journal entries to record the first and second installment payments.

Question

Quizplus · Accepted Answer

The Answer of On January 1,2010,a company borrowed $50,000 cash by signing a 7% installment note that is to be repaid in 5 annual end-of-year payments of $7,189.The first payment is due on December 31,2010.Prepare the general journal entries to record the first and second installment payments.

On January 1,2010,a Company Borrowed $50,000 Cash by Signing a 7