Homework Answers
| Note payable | $60,000 | |
| Rate | 6% | |
| Interest per month | $300 | |
| Installment | $1,125 | |
| Principal Part in installment | $825 | |
| Therefore answer B is correct | ||
| Note payable | $60,000 | |
| Rate | 6% | |
| Interest per month | $300 | |
| Installment | $1,125 | |
| Principal Part in installment | $825 | |
| Therefore answer B is correct | ||
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Terms include fixed annual principal payments of $16,000, plus
interest on the outstanding balance. The entry to record the first
instalment payment will include a
debit to Notes Payable of $16,000.
credit to Interest Expense of $3,200.
credit to Notes Payable of $12,800.
debit to Cash of $16,000.
A five-year, 4%, $80,000 note payable is issued on January 1.
Terms include fixed annual principal payments of $16,000, plus
interest on the outstanding balance. The entry to record the first
instalment payment will include a
debit to Notes Payable of $16,000.
credit to Interest Expense of $3,200.
credit to Notes Payable of $12,800.
debit to Cash of $16,000.
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Terms include fixed annual principal payments of $16,000, plus
interest on the outstanding balance. The entry to record the first
instalment payment will include a
debit to Notes Payable of $16,000.
credit to Interest Expense of $3,200.
credit to Notes Payable of $12,800.
debit to Cash of $16,000.
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