Reference no: EM131291943
On the first day of the fiscal year, a company issues $35,000, 9%, five-year installment notes that have annual payments of $8,998. The first note payment consists of $3,150 of interest and $5,848 of principal repayment.
Journalize the following transactions. Be sure to include the year in the date for both entries. Refer to the Chart of Accounts for exact wording of account titles.
2016
Jan. 1 Installment notes are issued
2017
Jan. 1 First annual note payment is made
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Chart of accounts for exact wording of account titles
: On the first day of the fiscal year, a company issues $35,000, 9%, five-year installment notes that have annual payments of $8,998. The first note payment consists of $3,150 of interest and $5,848 of principal repayment. Journalize the following tran..
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: Sales are $1.5 million, cost of goods sold is $600,000, depreciation expense is $150,000, other operating expenses is $300,000, addition to retained earnings is $146,250, dividends per share is $1, tax rate is 30 percent, and number of shares of comm..
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