On November 1, 2014, EZ Products Borrowed $48,000 on a 5

question 139

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.

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Definitions:

Masseter

A facial muscle critical for chewing and biting, located at the angle of the jaw.

Plantar Flexes

The movement that increases the angle between the shin and the top of the foot, pointing the toes downward.

Soleus

A muscle in the calf of the leg that flexes the foot to point the toes downward.

Tibialis Anterior

A muscle located in the front of the shin that helps in dorsiflexion and inversion of the foot.