Business, 23.03.2020 19:58 filthyfish

Consider the following note payable transactions of Cabal Video Productions.

Requirements
1. Journalize the transactions for the company.
2. Considering the given transactions only, what are Cabal Video Productions' total liabilities on December 31, 2019?

May 1, 2018: Purchased equipment costing $ 96,000 by issuing an eight-year, 6% note payable. The note requires annual principal payments of $ 12 comma 000 plus interest each May 1.
Dec 31, 2018: Accrued interest on the note payable.

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Consider the following note payable transactions of Cabal Video Productions.

Requiremen...