jojoveenie
Dec 16, 2012, 09:47 AM
Sep 1 Borrowed $36,000 from City Bank by issuing an 7% note. The note is to be repaid in quarterly payments of principal plus interest totaling $2,130 per quarter.
Nov 30 Paid the first quarterly installment of the note issued on October 1.
What would I debit and credit in the journal entry for Nov 30? Thank you.
Nov 30 Paid the first quarterly installment of the note issued on October 1.
What would I debit and credit in the journal entry for Nov 30? Thank you.