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.
Definitions:
Psychosomatic Illnesses
Illnesses that involve both mind and body, where psychological factors play a significant role in the development, progression, or outcome of a physical illness.
Genetic Link
A connection between particular genes and specific traits, behaviors, or disorders.
Depression
A psychological condition marked by a constant sense of sadness or a lack of enjoyment in usual activities, leading to considerable disruption in everyday functioning.
Mental Illness
A wide range of psychological disorders that affect mood, thinking, and behavior, potentially impairing daily functioning.
Q9: The stock of publicly owned corporations is
Q50: Avatar Company uses the indirect method to
Q73: On January 1, 2013, Zane Manufacturing Company
Q97: Which of the following is an advantage
Q104: Goodwill is amortized each year, similar to
Q112: An asset costs $80,000 and has a
Q123: Which of the following costs related to
Q129: Qtopia Company uses the direct method to
Q144: Ross Corporation reported the following equity section
Q155: On January 1, 2012, Davie Services issued