Homework Answers
| Period ending date | Beginning balance | Debit Interest expense | Debit Notes Payable | Credit Cash | Ending balance |
| 2019 | 35000 | 2450 | 7883 | 10333 | 27117 |
| 2020 | 27117 | 1898 | 8435 | 10333 | 18682 |
| 2021 | 18682 | 1308 | 9025 | 10333 | 9657 |
| 2022 | 9657 | 676 | 9657 | 10333 | 0 |
| Total | 6332 | 35000 | 41332 | ||
| Workings: | |||||
| Interest expense: | |||||
| 2019 | 2450 | =35000*7% | |||
| 2020 | 1898 | =27117*7% | |||
| 2021 | 1308 | =18682*7% | |||
| 2022 | 676 | =9657*7% |
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19 On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment...
On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note....
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 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.) View transaction list Eagle borrows $35,000 cash by signing a four-year, 7% installment...
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...
On January 1, 2019, Eagle Company borrows $32,000 cash by signing a four-year, 9% installment note....
On January 1, 2019, Eagle Company borrows $32,000 cash by signing a 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.)
On January 1, 2019, Eagle Company borrows $24,000 cash by signing a four-year, 8% installment note.
Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $24,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $7,246, 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.) 1 Eagle borrows $24,000 cash by signing a four-year,...
On January 1, 2019 Eagle Company borrows $32,000 cash by signing a four year, 9% installment...
On January 1, 2019 Eagle Company borrows $32,000 cash by signing a 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 the journal entries for Eagle to record the note's issuance and the four payments.
On January 1, 2019, Eagle Company borrows $25,000 cash by signing a four-year, 7% installment note....
On January 1, 2019, Eagle Company borrows $25,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $7,381, 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.) Record the payment of the first installment payment of interest and principal on...
On January 1, 2017, Eagle borrows $30,000 cash by signing a four-year, 7% installment note. The...
On January 1, 2017, Eagle borrows $30,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $8,857, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (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. beginning balance debit interest expense debit notes payable credit cash ending balance ***for 2017 2018 2019...
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 $15,000...
Exercise 10-12 Installment note amortization table 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 an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments . (E) Period Ending Date . (A) Beginning Balance (B) Debit Interest Expense (C) Debit...
On January 1, 2019, Eagle Company borrows $27,000 cash by signing a four-year, 9% installment note.
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 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.)
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 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.) View transaction list Eagle borrows $35,000 cash by signing a four-year, 7% installment...
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 $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 $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 an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments . (E) Period Ending Date . (A) Beginning Balance (B) Debit Interest Expense (C) Debit...
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 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.)
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