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Business, 21.12.2021 06:00 ayoismeisalex

22-On 1/1/20, a corporation borrowed $42,000 cash, signing a 5 year installment loan requiring 5 annual payments of $10,000 each. The journal entry to record the loan would include: a.
A debit of $42,000 to Installment Note Payable.

b.
A credit of $42,000 to Installment Note Payable.

c.
A debit of $50,000 to Installment Note Payable.

d.
A credit of $50,000 to Installment Note Payable.

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22-On 1/1/20, a corporation borrowed $42,000 cash, signing a 5 year installment loan requiring 5 ann...
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