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

question 25

Essay

In order to expand its business,the management of Hampton,Inc.issued a long-term notes payable for $50,000 on January 1,2018.The note will be paid over a 10-year period with equal annual principal payments,December 31 of each year.The annual interest rate is 12%.Prepare the journal entry for the first installment payment.Omit explanation.

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Definitions:

Jurisdiction

The official power to make legal decisions and judgments, often referring to the geographic area or range of subjects to which this authority applies.

Industrial Regulation

Policies and laws designed to control the activities and standards of industries to protect consumers, workers, and the environment.

Federal Communications Commission

A federal agency in the United States charged with overseeing communications across state lines and internationally, including those via radio, TV, wire, satellite, and cable.

Jurisdiction

The official power or legal authority to make decisions and judgments within a specific geographic area or over certain types of legal cases.