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Business, 20.06.2020 22:57 SoyAmbia

Entries for Installment Note Transactions On the first day of the fiscal year, Shiller Company borrowed $52,000 by giving a five-year, 11% installment note to Soros Bank. The note requires annual payments of $14,273, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $5,720 and principal repayment of $8,553. Journalize the entries to record the following: a1. Issued the installment note for cash on the first day of the fiscal year.

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Entries for Installment Note Transactions On the first day of the fiscal year, Shiller Company borro...
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