ror installment note transactions On the first day of the fiscal year, Shiller Company...
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Accounting
ror installment note transactions
On the first day of the fiscal year, Shiller Company borrowed $ by giving a year, installment note to Soros Bank. The note requires annual payments of $ with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $ and principal repayment of $
Journalize the entries to record the following:
a Issued the installment note for cash on the first day of the fiscal year. If an amount box does not require an entry, leave it blank.
a Paid the first annual payment on the note. If an amount box does not require an entry, leave it blank.
b How would the notes payable be reported on the balance sheet at the end of the fiscal year?
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