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REY [17]
3 years ago
13

On the first day of the fiscal year, Hawthorne Company obtained an $88,000, seven-year, 5% installment note from Sea Side Bank.

The note requires annual payments of $15,208, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $4,400 and principal repayment of $10,808. The journal entry Hawthorne would record to make the first annual payment due on the note would include a:
Business
2 answers:
Alex73 [517]3 years ago
5 0

Answer:

DR  - Interest expense - $4,400

Explanation:

DR  - Interest expense - $4,400

DR  - Notes payable     - $10,808

CR  - Bank/Cash           - $15,208

oksian1 [2.3K]3 years ago
5 0

Answer:

Notes Payable will be debited by $10,808

Interest expense will be debited by $4,400

Cash will be credited by $15,208

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