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Sagot :
The journal entry for the first monthly installment of $2,011 for a $104,000 debt is:
Date Account title Debit Credit
Note payable $1,491
Interest $520
Cash $2,011
What is the interest on the payment?
The interest is:
= 104,000 x 6%/12 months in year
= $504
The note payable principal repayment will be:
= 2,011 - 520
= $1,491
Find out more on note payable repayment at https://brainly.com/question/25898631.
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