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:

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices over a specified period.

Marginal Cost

The amount spent on manufacturing one more unit of a product.

Monopoly

A market structure characterized by a single seller, selling a unique product in the market. In a monopoly, the seller faces no competition, as he is the sole seller of goods with no close substitute.

Economies of Scale

Companies experience a decrease in the average cost of production as they scale up their operations, resulting in cost efficiencies.