Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Dandy Candy bought a delivery vehicle for $45,000 by issuing an 8% installment note on January. Dandy will make 12 monthly payments of $3,914.50 at
Dandy Candy bought a delivery vehicle for $45,000 by issuing an 8% installment note on January. Dandy will make 12 monthly payments of $3,914.50 at the end of each month. Period Cash Payment (Credit) Interest Expense (Debit) Reduction of Note Payalbe (Debit)) Note Payable Balance At issue $45,000.00 01/31/25 $3,914.50 $300.00 $3,614.50 41,385.50 02/28/25 3,914.50 ? ? ? 03/31/25 ? ? ? 3,914.50 3,914.50 04/30/25 ? ? ? 05/31/25 3,914.50 ? 3,711.85 26,684.93 Required: Using the partially completed amortization table above, prepare the journal entries for the end of March and the end of April. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Mar. 31 Record monthly payment Apr. 30 Record monthly payment
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started