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Homework Answers
General Journal
| Date | Account Title and Explanation | Debit | Credit |
| January 1 2018 | Cash or Purchases | $ 36,000 | |
| Note Payable | $ 36,000 | ||
| December 31, 2018 | Note Payable | $8,229 | |
| Interest Expenses | $2,160 | ||
| Cash | $10,389 | ||
| December 31,2019 | Note Payable | $8,723 | |
| Interest Expenses | $1,666 | ||
| Cash | $10,389 | ||
| December 31, 2020 | Note Payable | $ 9,246 | |
| Interest Expenses | $1,143 | ||
| Cash | $10,389 | ||
| December 31, 2021 | Note Payable | $9,802 | |
| Intrest Expenses | $588 | ||
| Cash | $10,390 |
The annual payment for notes payable is $ 10,389 (It includes interest and principal repayment )
Inerest Expenses are given shedule of Note Payable.
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Required information M10-6 Recording a Note Payable [LO 10-2] (The following information applies to the questions displayed below.) Greener Pastures Corporation borrowed $1,850,000 on November 1, 2018. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2019. (a) The note issued on November 1. (b) The interest accrual on December 31. M10-6 Part 2 2. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event,...
Exercise 10-2A Amortization schedule for an installment note LO
10-1
On January 1, Year 1, Beatie Co. borrowed $330,000 cash from
Central Bank by issuing a five-year, 6 percent note. The principal
and interest are to be paid by making annual payments in the amount
of $78,341. Payments are to be made December 31 of each year,
beginning December 31, Year 1.
Required
Prepare an amortization schedule for the interest and principal
payments for the five-year period. (Round your answers...
Exercise 10-10 Installment note amortization table LO C1 On January 1, 2018, Eagle borrows $31,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $9,360, consisting of accrued interest and principal on December 31 of each year from 2018 through 2021. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments...
Thanks in advance.
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