8. 3.20 points value Exercise 10-11 Installment note entries LO C1 On January 1,

Question

8. 3.20 points value Exercise 10-11 Installment note entries LO C1 On January 1, 2015, Eagle borrows $29,000 cash by signing a four-year, 5% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2015 through 2018. Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided. Round your intermediate calculations and final answers to the nearest dollar amount. Round all table values to 4 decimal places, and use the rounded table values in calculations.) Prepare the journal entries for Eagle to record the loan on January 1, 2015, and the four payments from December 31, 2015, through December 31, 2018. Interest Rate Notes PayableTable ValueCash Paid 5.0% View transaction list Journal entry worksheet Eagle borrows $29,000 cash by signing a four-year, 5% installment note. Record the issuance of the note on January 1, 2015 Note: Enter debits before credits. Date General Journal DebitCred Credit Jan 01, 2015

Explanation / Answer

Answer 1

Answer 2

Working Note : Calculation of Interest Expense & debit to notes payble each year

Journal Entries

** Kindly rate the answer if it is helpful

Interest Rate Notes Payable ($) Table Value Cash paid 5 % 29,000 /   3.5460 = 8,178

Related Questions

Navigate

• Browse (All)
• Browse 8
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.