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Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corporation's installment note that has original principal of $26,000, interest of 5% compounded annually, and a term of 3 years. Welton Corporation established the note on the first day of its fiscal year and will fully repay the note by the end of year 3 on its December 31 fiscal year-end. Prepare Welton Corporation's journal entries on (a) January 1, Year 1; (b) December 31, Year 1; (c) December 31, Year 2; and (d) December 31, Year 3. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) No 1 2 3 4 Transaction (a) (b) (c) (d) Cash Notes Payable (long-term) General Journal Interest Expense Notes Payable (long-term) Cash Interest Expense Notes Payable (long-term) Cash Interest Expense Answer is not complete. Notes Payable (long-term) Cash ›› 333 ››› ✓ ✓ ››› Debit 26,000 1,300 1,300 x 904 X 488 X Credit 26,000 1,300 x 904 X 904 X 488 488 x

Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corporation's installment note that has original principal of $26,000, interest of 5% compounded annually, and a term of 3 years. Welton Corporation established the note on the first day of its fiscal year and will fully repay the note by the end of year 3 on its December 31 fiscal year-end. Prepare Welton Corporation's journal entries on (a) January 1, Year 1; (b) December 31, Year 1; (c) December 31, Year 2; and (d) December 31, Year 3. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) No 1 2 3 4 Transaction (a) (b) (c) (d) Cash Notes Payable (long-term) General Journal Interest Expense Notes Payable (long-term) Cash Interest Expense Notes Payable (long-term) Cash Interest Expense Answer is not complete. Notes Payable (long-term) Cash ›› 333 ››› ✓ ✓ ››› Debit 26,000 1,300 1,300 x 904 X 488 X Credit 26,000 1,300 x 904 X 904 X 488 488 x

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 7MC: Using the information provided, what transaction represents the best application of the present...
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Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corporation's installment note that has original principal of $26,000, interest of 5% compounded annually, and a term of 3 years. Welton Corporation established the note on the first day of its fiscal year and will fully repay the note by the end of year 3 on its December 31 fiscal year-end. Prepare Welton Corporation's journal entries on (a) January 1, Year 1; (b) December 31, Year 1; (c) December 31, Year 2; and (d) December 31, Year 3. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) No 1 2 3 4 Transaction (a) (b) (d) X Answer is not complete. General Journal Cash Notes Payable (long-term) Interest Expense Notes Payable (long-term) Cash Interest Expense Interest Expense Notes Payable (long-term) Cash Notes Payable (long-term) Cash Debit 26,000 1,300 1,300 904 488 x Credit 26,000 1,300 904 X 904 X 488 x 488
Transcribed Image Text:Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corporation's installment note that has original principal of $26,000, interest of 5% compounded annually, and a term of 3 years. Welton Corporation established the note on the first day of its fiscal year and will fully repay the note by the end of year 3 on its December 31 fiscal year-end. Prepare Welton Corporation's journal entries on (a) January 1, Year 1; (b) December 31, Year 1; (c) December 31, Year 2; and (d) December 31, Year 3. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) No 1 2 3 4 Transaction (a) (b) (d) X Answer is not complete. General Journal Cash Notes Payable (long-term) Interest Expense Notes Payable (long-term) Cash Interest Expense Interest Expense Notes Payable (long-term) Cash Notes Payable (long-term) Cash Debit 26,000 1,300 1,300 904 488 x Credit 26,000 1,300 904 X 904 X 488 x 488
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