Homework Answers
Solution 1:
| Journal Entries - IRCS Company | |||
| Date | Particulars | Debit | Credit |
| 1-Jan-19 | Cash Dr | $88,000.00 | |
| To Notes Payable | $88,000.00 | ||
| (To record loan taken) | |||
| 31-Dec-19 | Interest expense Dr | $4,400.00 | |
| Notes Payable Dr | $10,808.00 | ||
| To Cash | $15,208.00 | ||
| (To record installment payment) | |||
Solution 2:
Amount of interest expense on note for first year = $4,400
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The note requires annual payments of $10,942, with the first
payment occurring on the last day of the fiscal year. The first
payment consists of interest of $2,880 and principal repayment of
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a1. Issued the installment note for
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a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.
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