FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Prepare the journal entries for Eagle to record the note's issuance and each of the four payments.
Note: Round your intermediate calculations and final answers to the nearest dollar amount.
View transaction list
1
2
3
[The following information applies to the questions displayed below.]
On January 1, 2021, Eagle Company 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 2021
through 2024.
4
5
Eagle borrows $22,000 cash by signing a four-year, 6%
installment note. Record the issuance of the note on
January 1, 2021.
Record the payment of the first installment payment of
interest and principal on December 31, 2021.
Record the payment of the second installment payment
of interest and principal on December 31, 2022.
Record the payment of the third installment payment of
interest and principal on December 31, 2023.
Record the payment of the fourth installment payment of
interest and principal on December 31, 2024. (Hint: Make
sure that the balance in Notes payable is $0 after this
= journal entry has been entered
Note :
X
ote.
Credit
>
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Transcribed Image Text:Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. Note: Round your intermediate calculations and final answers to the nearest dollar amount. View transaction list 1 2 3 [The following information applies to the questions displayed below.] On January 1, 2021, Eagle Company 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 2021 through 2024. 4 5 Eagle borrows $22,000 cash by signing a four-year, 6% installment note. Record the issuance of the note on January 1, 2021. Record the payment of the first installment payment of interest and principal on December 31, 2021. Record the payment of the second installment payment of interest and principal on December 31, 2022. Record the payment of the third installment payment of interest and principal on December 31, 2023. Record the payment of the fourth installment payment of interest and principal on December 31, 2024. (Hint: Make sure that the balance in Notes payable is $0 after this = journal entry has been entered Note : X ote. Credit >
Required information
[The following information applies to the questions displayed below.]
On January 1, 2021, Eagle Company 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 2021
through 2024.
Prepare an amortization table for this installment note.
Note: Round all amounts to the nearest whole dollar.
Period Ending
Date
2021
2022
2023
2024
Total
Payments
(A) Beginning (B) Debit Interest (C) Debit Notes
Balance
Expense
Payable
(D) Credit Cash
(E) Ending
Balance
expand button
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] On January 1, 2021, Eagle Company 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 2021 through 2024. Prepare an amortization table for this installment note. Note: Round all amounts to the nearest whole dollar. Period Ending Date 2021 2022 2023 2024 Total Payments (A) Beginning (B) Debit Interest (C) Debit Notes Balance Expense Payable (D) Credit Cash (E) Ending Balance
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