In Order to Expand Its Business,the Management of Areos,Inc

question 180

Essay

In order to expand its business,the management of Areos,Inc.issued a long-term notes payable for $50,000.The note will be paid over a 10-year period with equal annual principal payments,beginning in one year.The annual interest rate is 12%.Prepare the journal entry for the issuance of the note.Omit explanation.

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Definitions:

John Locke

John Locke was a 17th-century English philosopher and political theorist, known for his contributions to liberal political thought and his influence on the concepts of natural rights and government by consent.

Government

The governing body of a nation, state, or community, which provides leadership, makes laws, and manages public services and resources.

Lives

The existence of individuals or organisms, characterized by growth, reproduction, and the capacity for continual change preceding death.

Liberties

Fundamental rights and freedoms that are protected from infringement by the government or other entities, such as freedom of speech and religion.