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On 12/31/19 we sign a 3-year note receivable for $50,000 in payment for services that we...

On 12/31/19 we sign a 3-year note receivable for $50,000 in payment for services that we provided to a client. This amount does not include interest. Annual year-end payments $20,106 begin on 12/31/20. The payments include both principal and interest at 10%.

  1. Prepare an amortization table
  2. Prepare the journal entry for 12/31/19
  3. Prepare the journal entry for 12/31/20
  4. Prepare the journal entry for 1/1/21
  5. Prepare the journal entry for 1/1/22

Solutions

Expert Solution

The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet. For detailed answer refer to the supporting sheet.

ekkarill92 answered 1 year ago
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