n the first day of the fiscal year, a company issues $26,000, 12%, three-year installment notes that have annual payments of $10,825. The first note payment consists of $3,120 of interest and $7,705 of principal repayment.
Homework Answers
| a | ||
| Cash | 26000 | |
| Notes payable | 26000 | |
| b | ||
| Interest expense | 3120 | |
| Notes payable | 7705 | |
| Cash | 10825 |
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