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Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of $58,200 in its bank account. The note has a
Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of $58,200 in its bank account. The note has a 3-year term, compounds 4 percent interest annually, and requires an annual installment payment on December 31. Cucina Corporation has a December 31 year-end and adjusts its accounts only at year-end. Required: 1. Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. 2. Prepare the journal entries on (a) January 1, 2021, and December 31 of (b) 2021, (c) 2022, and (d) 2023. 3. If Cucina Corporation's year-end were March 31, rather than December 31, prepare the adjusting journal entry it would make for this note on March 31, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. (Do not round intermediate calculations. Round final answers to nearest whole dollar.) Beginning Notes Payable Interest Expense Repaid Principal on Notes Payable Ending Notes Payable Year 2021 Year 2022 Year 2023 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entries on (a) January 1, 2021, and December 31 of (b) 2021, (c) 2022, and (d) 2023. (Do not round intermediate calculations. Round final answers to nearest whole dollar. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 Record the signing of the installment note on January 1, 2021. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal 13 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entries on (a) January 1, 2021, and December 31 of (b) 2021, (c) 2022, and (d) 2023. (Do not round intermediate calculations. Round final answers to nearest whole dollar. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the installment payment on December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal Prev 13 of 15 Next > Required 1 Required 2. Required 3 Prepare the journal entries on (a) January 1, 2021, and December 31 of (b) 2021, (c) 2022, and (d) 2023. (Do not round intermediate calculations. Round final answers to nearest whole dollar. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet > 2 3 4 Record the installment payment on December 31, 2022. Note: Enter debits before credits. Date December 31, 2022 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entries on (a) January 1, 2021, and December 31 of (b) 2021, (c) 2022, and (d) 2023. (Do not round intermediate calculations. Round final answers to nearest whole dollar. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the installment payment on December 31, 2023. Note: Enter debits before credits. Date December 31, 2023 General Journal Debit Credit Record entry Clear entry View general journal tes Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 If Cucina Corporation's year-end were March 31, rather than December 31, prepare the adjusting journal entry it would make for this note on March 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting journal entry for this note on March 31, 2021. Note: Enter debits before credits. Date March 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of $58,200 in its bank account The note has a 3-year term, compounds 4 percent interest annually, and requires an annual installment payment on December 31. Cucina Corporation has a December 31 year-end and adjusts its accounts only at year-end. Required: 1. Use an online application, such as the loan calculator with annual payments at mycalculators.com. to complete the amortization schedule. 2. Prepare the journal entries on (0) January 1, 2021, and December 31 of (b) 2021, (c) 2022, and (d) 2023. 3. If Cucina Corporation's year-end were March 31, rather than December 31, prepare the adjusting journal entry it would make for this note on March 31, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 If Cucina Corporation's year-end were March 31, rather than December 31, prepare the adjusting journal entry it would make for this note on March 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < Record the adjusting journal entry for this note on March 31, 2021. Note: Enter debits before credits. Date March 31, 2021 General Journal Debit Credit
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