On the first day of the fiscal year, a company issues $45,000, 8%, six-year installment notes that have annual payments of $9,734. The first note payment consists of $3,600 of interest and $6,134 of principal repayment.a. Journalize the entry to record the issuance of the installment notes.b. Journalize the first annual note payment.

Entries for Installment Note Transactions On January 1, 20Y2, Hebron Company issued a $33,000, 4-year, 8% installment note to Ventsam Bank. The note requires annual payments of $9,963, beginning on December 31, 20Y2. Journalize the entries to record the following: 20Y2   Jan. 1 Issued the note for cash at its face amount. Dec. 31 Paid the annual payment on the note, which consisted of interest of $2,640 and principal of $7,323. 20Y5   Dec. 31 Paid the annual payment on the note, included interest of $738. The remainder of the payment reduced the principal balance on the note. Issued the note for cash at its face amount. If an amount box does not require an entry, leave it blank. 20Y2 Jan. 1   fill in the blank b2a79dfd4f8ffc5_2 fill in the blank b2a79dfd4f8ffc5_3     fill in the blank b2a79dfd4f8ffc5_5 fill in the blank b2a79dfd4f8ffc5_6 Paid the annual payment on the note, which consisted of interest of $2,640 and principal of $7,323. If an…

On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the interest to be paid on the maturity date. Prepare journal entries to record the issuance of the note and the related year-end adjusting entry on December 31.

On June 1, Davis Inc. issued an $64,900, 7%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a.$379 b.$1,148 c.$757 d.$4,543

On the first day of the fiscal year, a company issues $60,000, 7%, five-year installment notes that have annual payments of $14,633. The first note payment consists of $4,200 of interest and $10,433 of principal repayment. Required:   Journalize the following transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.   20Y1     Jan. 1 Installment notes are issued 20Y2     Jan. 1 First annual note payment is made

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Martinez Co. borrowed $60,000 on March 1 of the current year by signing a 60-day, 8%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to journalize the payment should include a a. debit to Interest Payable for $800 Ob. debit to Interest Expense for $800 Oc. credit to Cash for $60,000 C. Od. credit to Cash for $64,800 B

A business issued a 120-day, 10% note for $255,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year and round amounts to the nearest whole dollar. Refer to the Chart of Accounts for exact wording of account titles.

Entries for Installment Note Transactions On January 1, Year 1, Wedekind Company issued a $58,000, 4-year, 10% installment note to Shannon Bank. The note requires annual payments of $18,297, beginning on December 31, Year 1. Journalize the entries to record the following: Year 1   Jan. 1 Issued the note for cash at its face amount. Dec. 31 Paid the annual payment on the note, which consisted of interest of $5,800 and principal of $12,497. Year 4   Dec. 31 Paid the annual payment on the note, including $1,664 of interest. The remainder of the payment reduced the principal balance on the note. Issued the note for cash at its face amount. If an amount box does not require an entry, leave it blank. Year 1, Jan. 1   - Select - - Select -     - Select - - Select -   Paid the annual payment on the note, which consisted of interest of $5,800 and principal of $12,497. If an amount box does not require an entry, leave it blank. Year 1, Dec. 31   -…

On the first day of the fiscal year, Shiller Company borrowed $32,000 by giving a 5-year, 11% installment note to Soros Bank. The note requires annual payments of $8,783, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $3,520 and principal repayment of $5,263. Journalize the entries to record the following: Question Content Area a1.  Issued the installment note for cash on the first day of the fiscal year. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank                 Question Content Area a2.  Paid the first annual payment on the note. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank