Payables | |||||
A | B | C | D | E | |
Period Ending Date | Beginning Balance | Debit Interest Expense | Debit Notes Payables | Credit Cash | Ending Balance |
2019 | 35,000 | 2,450 | 7,883 | 10,333 | 27,117 |
2020 | 27,117 | 1,898 | 8,435 | 10,333 | 18,682 |
2021 | 18,682 | 1,308 | 9,025 | 10,333 | 9,657 |
2022 | 9,657 | 676 | 9,657 | 10,333 | - |
Total | 6,332 | 35,000 | 41,332 |
Notes:
For Year 2019
Interest Expense = Beginning Balance * 7%
Interest Expense = 35,000 * 7% = $ 2,450
Notes Payables = Installment Amount - Interest Expense
Notes Payables = 10,333 - 2,450 = $ 7,883
Cash = $ 10,333
Ending Balance = Beginning Balance - Notes Payables Debit
Ending Balance = 35,000 - 7,883 = $ 27,117
For Year 2020
Interest Expense = Beginning Balance * 7%
Interest Expense = 27,117 * 7% = $ 1,898
Notes Payables Debit = Installment Amount - Interest Expense
Notes Payables = 10,333 - 1,898 = $ 8,435
Cash = $ 10,333
Ending Balance = Beginning Balance - Notes Payables Debit
Ending Balance = 27,117 - 8,435 = $ 18,682
For 2021
Interest Expense = Beginning Balance * 7%
Interest Expense = 18,682 * 7% = $ 1,308
Notes Payables Debit = Installment Amount - Interest Expense
Notes Payables Debit= 10,333 - 1,308 = $ 9,025
Cash = $ 10,333
Ending Balance = Beginning Balance - Notes Payables Debit
Ending Balance = 18,682 - 9,025 = $ 9,657
For Year 2022
Interest Expense = Installment Amount - Beginning Balance
Interest Expense = 10,333 - 9,657 = $ 676
Notes Payables = 10,333 - 676 = $ 9,657
Cash = $ 10,333
Ending Balance = Nil
Additional Note
Ending Balance for one year is Beginning Balance for Another Year.
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 $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...
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...
19 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 points (E) ( 8 02:16:59 Period Ending Date 2019 (A) Beginning Balance (B) Debit Interest Expense (C) Debit Notes Payable (D) Credit...
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...