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Cannot figure out what is wrong with my dates, please help On January 1. Year 1. Bryson Company obtained a $168,500, four-year, 11% installment note
Cannot figure out what is wrong with my dates, please help
On January 1. Year 1. Bryson Company obtained a $168,500, four-year, 11% installment note from Campbell Bank. The note requires annual payments of $54,312, beginning on December 31 Required: A Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4 B. Journalize the entries for the issuance of the note and the four annual note payments. Be sure to include the year in the date for the entries. Refer to the Chart of Accounts for exact wording of account titles c. Describe how the annual note payment would be reported in the Year 1 income statement Journal DATE DESCRIPTION 1 Jan. 1 Cash 2 Notes Payable 3 Interest Expense Notes Payable 5 Cash 6 ON December 1,1 Interest Expense 7 Notes Payable 8 8 Cash 9 Dec. 1 Interest Expense 10 Notes Payable I Cash 11 12 Dec. 1 Interest Expense 13 Notes Payable 14 Cash Step by Step Solution
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