Homework Answers
Journal
| Dec. 31, 2017 | Note payable | 25,176 | |
| Interest expense | 24,438 | ||
| Cash | 49,614 | ||
| June 30, 2018 | Note payable | 26,045 | |
| Interest expense | 23,569 | ||
| Cash | 49,614 |
Amortization schedule
| Date | Semi annual Payment | Interest payment | Principal payment | Note payable ending balance |
| June 30, 2017 | 708,340 | |||
| Dec. 31, 2017 | 49,614 | 708,340 x 6.9% x 6/12 = 24,438 | 49,614 - 24,438 = 25,176 | 708,340 - 25,176 = 683,164 |
| June 30, 2018 | 49,614 | 683,164 x 6.9% x 6/12 = 23,569 | 49,614 - 23,569 = 26,045 | 683,164 - 26,045 = 657,119 |
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