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
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How to journalize the issuance of the note on january 1 2024
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 jourmal entry.)
Date
Accounts and Explanations
Debit
Credit
2024
O Time Remaining: 00:51:21
P Type here to search
Rain.
12/1
DELL
esc
end
Insert
delete
JBL
24
*.
7.
2
5
8
9
tab
R
Y
caps lock
K
B
M
alt
Transcribed Image Text: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 jourmal entry.) Date Accounts and Explanations Debit Credit 2024 O Time Remaining: 00:51:21 P Type here to search Rain. 12/1 DELL esc end Insert delete JBL 24 *. 7. 2 5 8 9 tab R Y caps lock K B M alt
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