Chapter 10 Excel Assignm AutoSave OFF Formulas Data Review View Page Layout Draw Home Insert A A General 10 Arial A $.% 9 0 BIU Paste fx 047 D E C B A Name: ACC 213 Lab #9 for Chapter 10-Installment Notes & Amortization Tables 3 Instructions: First, complete the amortization table in Part 1 using the information provided. 4 Once the table is completed, then record the two joumal entries in Part 2. 5 Information: 6 Your car loan has monthly payments, the first payment occumring 1 month after loan starts 7 8 9 $27,000 principal 24 10 months or years monthly interest total payments 5% 11 0.4166666667 % 24 per year or 12 13 $1,184.53 14 monthly payment 15 16 17 Part 1: Complete the amortization table below. Use formulas for calculations/cell references Principal Repayment Accounting Monthly Cash Payment Interest Principal balance end of month Principal balance beginning of month 18 19 Period Expense 20 21 22 1 23 2 24 3 25 4 26 5 27 6 28 7 29 8 30 31 32 10 11 33 12 34 35 36 13 14 15 37 16 Sheet1 + NOV A 12 Formulas Review View Page Layout Data Draw Insert Home X General A A 10 Arial $ % 9 Paste I U v fx 047 C D E F B A 16 17 Part 1: Complete the amortization table below. Use formulas for calculations/cell references. Principal Repayment Interest Monthly Cash Payment Principal balance beginning of month Principal balance end of month Accounting Period 18 xpense 19 20 21 22 1 2 23 3 25 4 26 5 6 27 28 7 29 8 30 9 31 10 11 12 13 14 15 16 17 18 19 20 21 43 22 44 23 45 24 46 47 48 Part 2: Record the journal entry for payments 1 and 2 after you have completed the amortization table. 49 Remember to use Excel efficiently! (That is, don't forget to use cell references for the dollar amounts) 50 51 Accounts Debit Credit Mnnth Sheet1 + NOV 1 12 A A Arial 10 Y General Paste A I $ .% Y fx 047 A B C D E G 40 19 20 41 42 21 43 22 23 44 24 45 46 47 48 Part 2: Record the journal entry for payments 1 and 2 after you have completed the amortization table. 49 Remember to use Excel efficiently! (That is, don't forget to use cell references for the dollar amounts). 50 51 Accounts Debit Credit 52 Month 1 53 entry 54 55 56 57 58 Accounts Debit Credit 59 Month 2 60 entry 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 Sheet1 + NOV A 12