On November 1,2014,EZ Products Borrowed $48,000 on a 5%,10-Year Note $$\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array}$$

question 82

Essay

On November 1,2014,EZ Products borrowed $48,000 on a 5%,10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year.At the end of 2014,EZ Products accrued interest expense.No further entries were made until November 1,2015 when the first installment payment was made.That payment included both principal and interest.Please provide the journal entry for the installment payment made on November 1,2015.
$$\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array}$$

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Definitions:

Myopia

A common vision condition, also known as nearsightedness, where distant objects appear blurry while close ones can be seen clearly.

Mydriasis

Dilation of the pupils that can be normal or a sign of an underlying condition.

Mongolian Spot

A type of birthmark characterized by bluish-gray discoloration, typically found on the lower back or buttocks of infants, most common in those of Asian or African descent.

Benign

A term describing a condition, tumor, or growth that is not cancerous and does not spread to other parts of the body.