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Accounting

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Exercise 8-12(Algo) Record notes payable and reclassify debt (LO8-2,8-4)
On September 1,2024, Lindsey Engineering borrows $408,000 cash. The loan is made by FirstLending, under the agreement that Lindsey will repay the principal with four payments of $102,000. Payments are due by October 1 each year, with the first payment being due October 1,2025(next year). Interest on the borrowing is 6%, and Lindsey's year-end is December 31.
Required:
to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Answer is not complete.
\table[[No,Date,General Journal,Debit,Credit],[1,September 01,202,Cash,,],[,,Notes Payable (long-term),,],[,,,,],[2,December 31,202.,Interest Expense,,],[,,Interest Payable,,],[,,,,],[3,December 31,202.,Notes Payable (long-term),,],[,,Notes Payable (current),,]]
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