one of my events is that i paid the annual installment of the amortized note, what...
one of my events is that i paid the annual installment of the amortized note, what would my journal entries look like? it would be a credit to my cash and a debit to my notes payable?
Homework Answers
Explanation -
When payment is made for annual installment of amortised note then cash will goes out hence it would be credited and note payable is being debited and if interest payment is also paid with it, then interest expense will also got debited.
So entry for payment without interest.
Entry
Date Particulars Debit Credit
01-01-XX Note payable XXX
Cash XXX
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payment consists of interest of $2,880 and principal repayment of
$8,062.
Journalize the entries to record the following:
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14 On July 1, Shady Creek Resort borrowed $310,000 cash by signing a 10-year, 9% Installment note requiring equal payments each June 30 of $48,304. What is the journal entry to record the first annual payment? points (8 01:57:27 ) Debit Cash $310,000; debit Interest Expense 548,304; credit Notes Payable $358,304 O Debit Interest Expense $27.900: credit Cash $27.900. O Debit Interest Expense $48,304; credit Cash $48,304 Debit Interest Expense $27.900; debit Notes Payable $20,404; credit Cash $48,304 Debit Interest...
I just need help with number 3. I can't figure out
what the discount amortized is for the different years
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