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Journalize the transactions. Purchased equipment costing $56,000 by issuing a seven year, 13 % notes payable. The note requires annual principal...

Journalize the transactions.....


Purchased equipment costing $56,000 by issuing a seven year, 13 % notes payable. The note requires annual principal payments of $8,000 plus interest each April 1.


Accrued interest on the note payable.


Paid the first installment on the note.


Accrued interest on the note payable.

Top Answer

Accrued interest on notes payable (1st year) = $5460... View the full answer

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