Accounting for a long-term note payable [10-15 min]
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.
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