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In order to expand its business,the management of Carroll,Inc.issued a long-term notes payable for $50,000 on January 1,2016.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.
Precedent
A legal decision or case that serves as an example or authority for deciding subsequent cases involving similar facts or issues.
Executive Memorandum
An official document from an executive branch, such as the President or a governor, that provides directions or actions for government agencies to follow, less formal than an executive order.
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The elected head of a republican state or the chief executive officer in certain organizations.
Congress
The legislative branch of the United States government, consisting of two houses: the Senate and the House of Representatives, responsible for making laws.
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