On January 1, 2018, Lambert - Fisher signed a $720,000, 12-year, 10% note. The loan...
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On January 1, 2018, Lambert - Fisher signed a $720,000, 12-year, 10% note. The loan required Lambert - Fisher to make annual payments on December 31 of $60,000 principal plus interest. Requirements 1. Journalize the issuance of the note on January 1, 2018 2. Journalize the first note payment on December 31, 2018 Requirement 1. Journalize the issuance of the note on January 1, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry) Date Accounts and Explanations Debit Credit 2018 Jan Requirement 2. Journalize the first note payment on December 31, 2018. (Record debits first then credits. Select explanations on the last line of the journal entry) Requirement 2. Journalize the first note payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry) Date Accounts and Explanations Credit 2018 Dec. 31 Choose from any list or enter any number in the input fields and then continue to the next question Search o B D NB e a 0
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