Posted by Nancy on .
Harris company borrowed 65,000 by giving 10 year , 6% installment note to Cuba Bank The note requires annual payments of $8832 first payment occuring on the last day of the fiscal year. the first payment consists of interest of $3,900 and principal repayment of $4932,
Issued the installment note for cash on the first day of the fiscal year
Paid the first annual payment on the note. For a compount transcation,