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Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $16,000 cash...

Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $16,000 cash by signing a four-year,Journal entry worksheet < 1 2 3 4 5 > Record the payment of the first installment payment of interest and principal on DecembJournal entry worksheet 1 2 3 3 4 5 Record the payment of the second installment payment of interest and principal on DecembeJournal entry worksheet < 1 2 3 4 5 > Record the payment of the third installment payment of interest and principal on DecembJournal entry worksheet < 1 2 3 4 5 5 Record the payment of the fourth installment payment of interest and principal on Decem

Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $16,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $4,512, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare the journal entries for Eagle to record the note's issuance and the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list Journal entry worksheet 1 2 3 4 5 > Eagle borrows $16,000 cash by signing a four-year, 5% installment note. Record the issuance of the note on January 1, 2019. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, 2019 Record entry Clear entry View general Journal
Journal entry worksheet < 1 2 3 4 5 > Record the payment of the first installment payment of interest and principal on December 31, 2019. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2019 Record entry Clear entry View general journal
Journal entry worksheet 1 2 3 3 4 5 Record the payment of the second installment payment of interest and principal on December 31, 2020. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2020 Record entry Clear entry View general Journal
Journal entry worksheet < 1 2 3 4 5 > Record the payment of the third installment payment of interest and principal on December 31, 2021. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2021 Record entry Clear entry View general Journal
Journal entry worksheet < 1 2 3 4 5 5 Record the payment of the fourth installment payment of interest and principal on December 31, 2022. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2022 Record entry Clear entry View general journal
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Journal entries

Date Particulars Debit ($) Credit ($)
Jan 01, 2019 Cash $     16,000
Note payable $     16,000
Dec 31, 2019 Interest expenses $          800 16000*5%
Note payable $       3,712 4512-800
Cash $       4,512
( to record 1st installment )
Dec 31, 2020 Interest expenses $          614 12288*5%
Note payable $       3,898 4512-614
Cash $       4,512
( to record 2nd installment )
Dec 31, 2021 Interest expense $          420 8390*5%
Note payable $       4,092 4512-420
Cash $       4,512
( to record 3rd installment )
Dec 31, 2022 Interest expense $          214 4298*5%
Note payable $       4,298 4512-214
Cash $       4,512
( to record 4th installment )
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