Which of the following is an internal proposal?
A) a proposal asking another company to do a joint venture
B) a proposal asking local businesses if they will sponsor your charity event
C) a proposal asking a client to select your firm for an upcoming project
D) a proposal asking your supervisor to implement a new initiative
E) a proposal asking a foundation to fund a program for your community
Answer: D
Explanation: D) An internal proposal is addressed to people within your organization, so this choice is correct.
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On January 1, Year 1, Stratton Company borrowed $210,000 on a 10-year, 10% installment note payable. The terms of the note require Stratton to pay 10 equal payments of $34,177 each December 31 for 10 years. The required general journal entry to record the payment on the note on December 31, Year 2 is:
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