Homework Answers
| SOLUTION: | |||||||
| Journal Entries | |||||||
| Sr. No. | Date | Account Title and explanation | Debit | Credit | |||
| 1 | January 01, 2017 | Cash | $31,000 | ||||
| Note Payable | $31,000 | ||||||
| 2 | Dec 31, 2017 | Interest Expenses | $2,480 | ||||
| Note Payable | $6,880 | ||||||
| Cash | $9,360 | ||||||
| 3 | Dec 31, 2018 | Interest Expenses | $1,930 | ||||
| Note Payable | $7,430 | ||||||
| Cash | $9,360 | ||||||
| 4 | Dec 31, 2019 | Interest Expenses | $1,336 | ||||
| Note Payable | $8,024 | ||||||
| Cash | $9,360 | ||||||
| 5 | Dec 31, 2019 | Interest Expenses | $694 | ||||
| Note Payable | $8,666 | ||||||
| Cash | $9,360 | ||||||
| WORKING NOTES: | |||||||
| CALCULATION OF AMORTIZATION SCHEDULE OF 4 YEAR INSTALLMENT NOTE | |||||||
| Years | Beginning Bal. | Interest @ 8% | Installment value | Principal Value | Ending balance of Note | ||
| Year 1 | $31,000 | $2,480 | $9,360 | $6,880 | $24,120 | ||
| Year 2 | $24,120 | $1,930 | $9,360 | $7,430 | $16,690 | ||
| Year 3 | $16,690 | $1,336 | $9,360 | $8,024 | $8,666 | ||
| Year 4 | $8,666 | $694 | $9,360 | $8,666 | $0 | ||
| Note: Interest is rounded to complete value of $ for avoid fraction difference | |||||||
Add Answer to:
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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. (Round your intermediate calculations and final answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. View transaction list...
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Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $16,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $4,512, 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 Journal entry worksheet...
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On January 1, 2018, Eagle borrows $22,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $6,349, 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. Round your intermediate calculations and final answers to the nearest dollar amount. Round all table values to 4 decimal places, and use the rounded table...
On November 1, 2017, Norwood borrows $590,000 cash from a bank by signing a five-year installment note bearing 7% interest. The note requires equal payments of $143,895 each year on October 31. (Table B.1. Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of December 31, 2017 (the end of...
On November 1, 2017. Norwood borrows $530,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $122.416 each year on October 31 Table B.1. Table B2 Table 8.3. and Table 8.4 (Use appropriate factor(s) from the tables provided.) Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of December 31, 2017 (the end of...
Exercise 10-11 Installment note entries LO C1 On January 1, 2017, Eagle 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 2017 through 2020. (Table 81. Table B. 2. Table B3, and Table 3.4) (Use appropriate factor(s) from the tables provided. Round your intermediate calculations and final answers to the nearest dollar amount. Round all table values to...
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