Question

You just graduated college with your Bachelors Degree and accepted a job offer at your dream company. On January 1, 2020, you decide to celebrate by purchasing a Mercedes Convertible (see picture above) for $52,455. You have a 720 credit score, therefore you were able to get a 5% interest rate on a 7 year loan. You will be making monthly payments. Using Excel, prepare a professional amortization schedule for the entire 7 years. It must include the payment and the total amount of interest you will pay over the 7 years. (Hint: interest rates are annual, you must convert them to monthly and the periods must be in months, for example, how many months are in 7 years)LL The Excel cells must contain formulas when appropriate, I recommend cell referencing, and using both relative and absolute. Deliverables: Two files. The first one will be the professional Excel Spreadsheet. The second one will be the same spreadsheet but with "show formulas" on. These should be saved as two separate files and both uploaded to this assignment.

Answer 1

BRANCH COMPANY
Bank Reconciliation
July 31,2017
Bank Statement Balance		$ 27,978.00	Book Balance		$ 24,919.00
Add :			Add :
Deposit of July 31	$                               9,632.00		Proceeds of note less collection charges	$ 8,500.00
		$    9,632.00			$    8,500.00
		$ 37,610.00			$ 33,419.00
Deduct :			Deduct :
Check no 3031	$                               1,790.00		NSF Check including fee	$    805.00
Check no 3065	$                                  671.00		Service charge	$       13.00
Check no 3069	$                               2,558.00		Error Check 3056	$       10.00
		$    5,019.00			$       828.00
Adjusted Bank Balance		$ 32,591.00	Adjusted Book Balance		$ 32,591.00
Journal Entries :
Transaction	General Journal	Debit	Credit
1	NO Journal Entry Required
2	NO Journal Entry Required
3	Rent Expense	$          10.00
	To Cash		$                                                             10.00
	(To Record the Adjusting entry related to check no 3056)
4	Cash	$    8,500.00
	To Notes Receivable		$                                                       8,500.00
	(To Record adjusting entry related to Non interest bearing note)
5	Accounts Receivable - Eshaw	$       805.00
	To Cash		$                                                          805.00
	(To Record adjusting entry related to NSF check)
6	Miscellaneous Expense	$          13.00
	To Cash		$                                                             13.00
	(To Record entry related to Service charge)
7	NO Journal Entry Required