Tolino Company signed a 5-year note payable on January 1, 2019, of $200,000. The note requires annual principal payments each December 31 of $40,000 plus interest of 6%. The entry to record the annual payment on December 31, 2020, includes:
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On June 1, 2017, Windsor, Inc. was started with an initial investment in the company of $22,420 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first
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