Homework Answers
Answer
|
Period Ending Date |
Beginning Balance |
Debit Interest Expense |
+ Debit Notes Payable |
Credit Cash |
Ending Balance |
|
[A] |
[B= A x 7%] |
[C = D – B] |
[D] |
[E = A – C] |
|
|
2019 |
$15,000 |
$1,050 |
$3,378 |
$4,428 |
$11,622 |
|
2020 |
$11,622 |
$814 |
$3,614 |
$4,428 |
$8,008 |
|
2021 |
$8,008 |
$561 |
$3,867 |
$4,428 |
$4,140 |
|
2022 |
$4,140 |
$288 |
$4,140 |
$4,428 |
$0 |
|
Total |
$2,712 |
$17,712 |
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Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $15,000...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $28,000...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $28,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $8,081, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) (A) Beginning Balance Payments (B) (C) Debit Debit Interest Notes Expense Payable (D) Credit Cash (E)...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $35,000...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $10,333, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments (B) (C) Debit Interest Debit Notes Expense Payable (A) Beginning Balance Period Ending Date 2019...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $27,000...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $27,000 cash by signing a four-year, 9% installment note. The note requires four equal payments of $8,334, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.)
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $32,000...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $32,000 cash by signinga four-year, 9% installment note. The note requires four equal payments of $9,877, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022 Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments (A) (B) (C) (D) (E) Period Ending Date Beginning Balance Debit Interest Expense Debit Notes Credit...
Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $15,000 cash...
Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $15,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $4,428, 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.)
Exercise 10-10 Installment note amortization table LO C1 On January 1, 2018, Eagle borrows $31,000 cash...
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...
Exercise 10-10 Installment note amortization table LO C1 points On January 1, 2018, Eagle borrows $17,000...
Exercise 10-10 Installment note amortization table LO C1 points On January 1, 2018, Eagle borrows $17,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $4,906, 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.)...
Thanks in advance. Exercise 10-10 Installment note amortization table LO C1 On January 1, 2018, Eagle...
Thanks in advance.
Exercise 10-10 Installment note amortization table LO C1 On January 1, 2018, Eagle borrows $19,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $5,737, consisting of accrued interest and principal on December 31 of each year from 2018 through 2021. (Table B1. 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...
Exercise 10-10 Installment note with equal total payments LO C1 On January 1, 2017, Eagle borrows...
Exercise 10-10 Installment note with equal total payments LO C1 On January 1, 2017, Eagle borrows $18,000 cash by signing a four-year. 9% installment note. The note requires four equal payments of $5,556, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments (B) (C) (D) Period Ending Beginning Balance Debit Interest Expense Debit Notes Payable Credit...
Exercise 10-10 Installment note with equal total payments LO C1 On January 1 2017. Eagle borrows...
Exercise 10-10 Installment note with equal total payments LO C1 On January 1 2017. Eagle borrows $28,000 cash $8,081, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. Iable 81 Table B.2. Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) by signing a four-year, 6% installment note. The note requires four equal payments of Prepare an amortization table for this installment note. Payments Period Ending Beginning Debit Interest Debit...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $28,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $8,081, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) (A) Beginning Balance Payments (B) (C) Debit Debit Interest Notes Expense Payable (D) Credit Cash (E)...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $10,333, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments (B) (C) Debit Interest Debit Notes Expense Payable (A) Beginning Balance Period Ending Date 2019...
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $27,000 cash by signing a four-year, 9% installment note. The note requires four equal payments of $8,334, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.)
Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows $32,000 cash by signinga four-year, 9% installment note. The note requires four equal payments of $9,877, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022 Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments (A) (B) (C) (D) (E) Period Ending Date Beginning Balance Debit Interest Expense Debit Notes Credit...
Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $15,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $4,428, 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.)
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...
Exercise 10-10 Installment note amortization table LO C1 points On January 1, 2018, Eagle borrows $17,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $4,906, 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.)...
Thanks in advance.
Exercise 10-10 Installment note amortization table LO C1 On January 1, 2018, Eagle borrows $19,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $5,737, consisting of accrued interest and principal on December 31 of each year from 2018 through 2021. (Table B1. 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...
Exercise 10-10 Installment note with equal total payments LO C1 On January 1, 2017, Eagle borrows $18,000 cash by signing a four-year. 9% installment note. The note requires four equal payments of $5,556, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments (B) (C) (D) Period Ending Beginning Balance Debit Interest Expense Debit Notes Payable Credit...
Exercise 10-10 Installment note with equal total payments LO C1 On January 1 2017. Eagle borrows $28,000 cash $8,081, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. Iable 81 Table B.2. Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) by signing a four-year, 6% installment note. The note requires four equal payments of Prepare an amortization table for this installment note. Payments Period Ending Beginning Debit Interest Debit...
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