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On March 1, 2019, Sumney Lawn Services issued a 8% long-term notes payable for $600,000....

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Accounting

On March 1, 2019, Sumney Lawn Services issued a 8% long-term notes payable for $600,000. It is payable over a 10-year term in $60,000 principal installments plus interest on March 1 of each year, beginning March 1, 2020.

a.) Provide the entry for the issuance of the note.

b.) Provide the entry for the first principal payment of $60,000 plus interest.

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