Capacitantes 3: El estudiante registrará transacciones aplicables en lose emisió

Question

Capacitantes 3: El estudiante registrará transacciones aplicables en lose emisión de pagarés a largo plazo 15. On January 1, 2017, IRCS Company obtained an $88,000, seven year 5% installme Farmers Bank. The note requires annual payments of $15,208, with the on the last day of the year. The first payment consists of $4,400 interest and princ of $10.808. note from first payment occurring ipal re paymert Requirement: (Shows computations are required) (1) Journalize the following entries: a. Issued the installment notes for cash on January 1,2017 b. Paid the first annual payment on the note. (2) Determine the amount of interest expense on the note for the first year Debit Credit

Explanation / Answer

1a Cash 88000      Notes payable 88000 b Interest expense 4400 Notes payable 10808       Cash 15208 2 Amount of interest expense = $4400

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

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