D On November 1, 2021, ABC Company borrowed $200,000 in cash issuing a 4% one- year note payable. Payment of the note, plus interest, will be due on October 31, 2022. What is the amount of interest expense to be recorded for 2022? 50°F Cloudy M A) 6,666 B $8,000 C 13,333 D) $4,000 Question 4 4 O Search Office DEPOT. highlighter પાપન 00 C a O A4

D On November 1, 2021, ABC Company borrowed $200,000 in cash issuing a 4% one- year note payable. Payment of the note, plus interest, will be due on October 31, 2022. What is the amount of interest expense to be recorded for 2022? 50°F Cloudy M A) 6,666 B $8,000 C 13,333 D) $4,000 Question 4 4 O Search Office DEPOT. highlighter પાપન 00 C a O A4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(The following information applies to the questions displayed below.] On January 1, 2021, Eagle Company borrows $21,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $5,922, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. rt 2 of 2 Exercise 10-13 (Algo) Installment note entries LO C1 28 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. (Round your intermediate lnts calculations and final answers to the nearest dollar amount.) 8 ot56:49 View transaction list eBook Journal entry worksheet 2 4 Eagle borrows $21,000 cash by signing a four-year, 5% installment note. Record the issuance of the note on January 1, 2021. Note: Enter debits before credits. Mc Graw Hill Type here to search 69°F Cloudy 40 4. 6. T PI D. MI
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