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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 11
Entries for installment note transactions
On January 1, 2016, 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, 2016. Journalize the entries to record the following:
On January 1, 2016, 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, 2016. Journalize the entries to record the following:
Explanation
Verified
Verified
Installment notes:
Installment notes ar...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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