On March 1, 2018, Vintage Services issued an 8% long-term notes payable for $22,000. It is payable over a 16-year term in $

Question

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On March 1, 2018, Vintage Services issued an 8% long-term notes payable for $22,000. It is payable over a 16-year term in $

1,375 principal installments on March 1 of each year, beginning March 1, 2019. Each yearly installment will include both principal repayment of $1,375 and interest payment for the preceding one-year period. The journal entry to pay the first installment will include a debit to Interest Expense for $1,760. True or False?

Business

1 answer:

AveGali [126] · Answer 1 · 2022-01-01T17:22:16+03:00

Answer:

True. The answer and procedures of the exercise are attached in a microsoft excel document.

Explanation:

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.

Download xlsx

On March​ 1, 2018, Vintage Services issued an​ 8% long-term notes payable for​ $22,000. It is payable over a​ 16-year term in​ $

On March 1, 2018, Vintage Services issued an 8% long-term notes payable for $22,000. It is payable over a 16-year term in $