In order to expand its business,the management of Vereos,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.

Question

Quizplus · Accepted Answer

The Answer of In order to expand its business,the management of Vereos,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.

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