On January 1, $38,000 cash is borrowed from a bank in return for a 12% installment note with 36 monthly payments of $1,262 each.(1) Prepare an amortization table for the first three months of this installment note.(2) Record the entry for issuance of the note.(3) Record the entry for the first interest payment and for the second interest payment.Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Prepare an amortization table for the first three months of this installment note. (Round your answers to the nearest wholedollar.)Payments(C) Debit NotesPayablePeriod Ending(A) BeginningBalance(B) Debit InterestExpense(D) CreditCash(E) EndingBalanceDateJanuary 31February 28March 31< Required 1Required 2 >

Given information Notes payable = $38,000 Monthly payment = $1262 Duration = 36 months Interest =…

Answered: On January 1, $38,000 cash is borrowed…

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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4. Jill Hamlin borrowed $40,000 from the bank on August 16, issuing the bank a 12% note. The entry to record accrued interest on the note on August 31 (15 days later) would include: a . debit Interest Expense for $197.26 b. debit Interest Payable for $197.26 c. credit Interest Expense for $407.67 d. credit Interest Payable for $407.67 d. debit Cash for $18,000
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Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days ong. (Round your answers to the nearest cent.) $3000 balance, 17%, $2,500 payment (a) previous balance method (b) adjusted balance method (c) average daily balance method
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