How do I enter this as a journal entry? This is for my accounting class..
Dec 10th. Made a loan payment of $5,000. The payment reduced the long term note liability by $4,200 and included $800 of interest.
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How do I enter this as a journal entry? This is for my accounting class..
Dec 10th. Made a loan payment of $5,000. The payment reduced the long term note liability by $4,200 and included $800 of interest.
Debit Notes Payable for 4,200
Debit Interest Expense for 800
Credit Cash for 5,000
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