75.3k views
1 vote
Which journal entry below would be properly used to record an issuance of an installment note (borrowing money) from first bank on january 1 of this year. the principal of the note is $50,000, interest rate is 7%, terms of the note 5 years, annual payment $12,195?

User Squadrick
by
8.0k points

1 Answer

4 votes
principal of the note
User Cfh
by
8.3k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.