The Note Payable is a ten-year note that was taken out on December 31, 2001. The interest rate is 10% per annum. Interest payments are due January 5 for the previous year’s interest (i.e. fiscal year 2005 interest is due January 5, 2006) (the entry has already been made for the January 5, 2005 payment).
note: notes payable amt is $100,000
what is the recording transaction on the journal entry?
note: notes payable amt is $100,000
what is the recording transaction on the journal entry?