On January 1, 2024, Lucky-Fenn signed a $420,000, 6-year, 10% note. The loan required Lucky – Fenn to make annual payments on December 31 of $70,000 principal plus interest. Requirements 1. Journalize the issuance of the note on January 1, 2024. 2. Journalize the first note payment on December 31, 2024. ..... Requirement 1. Journalize the issuance of the note on January 1, 2024. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Date Accounts and Explanations Debit Credit 2024 Jan. 1 Requirement 2. Journalize the first note payment on December 31, 2024. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Date Accounts and Explanations Debit Credit 2024 Time Remaining: 00:51:21 P Type here to search Rain

On January 1, 2024, Lucky-Fenn signed a $420,000, 6-year, 10% note. The loan required Lucky – Fenn to make annual payments on December 31 of $70,000 principal plus interest. Requirements 1. Journalize the issuance of the note on January 1, 2024. 2. Journalize the first note payment on December 31, 2024. ..... Requirement 1. Journalize the issuance of the note on January 1, 2024. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Date Accounts and Explanations Debit Credit 2024 Jan. 1 Requirement 2. Journalize the first note payment on December 31, 2024. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Date Accounts and Explanations Debit Credit 2024 Time Remaining: 00:51:21 P Type here to search Rain

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Do a journal entry based on this transections, round interest amounts to the nearest dollar,
need sep 20 payment nov 5 dec 31
Date of the Note 1. February 10, 2022 2. May 19, 2021 3. July 5, 2021 4. November 20, 2021 5. September 12, 2021 Term of the Note 45 days 60 days 90 days 120 days 75 days Maturity Date
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