Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Entries for Installment Note Transactions on January 1, 20Y2, Hebron Company issued a $175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual

image text in transcribed

image text in transcribed

image text in transcribed

Entries for Installment Note Transactions on January 1, 20Y2, Hebron Company issued a $175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of $43,830, beginning on December 31, 2012. Journalize the entries to record the following: 20Y2 Jan. Issued the note for cash at its face amount. 1. Dec. Paid the annual payment on the note, which consisted of interest of $14,000 and 31. principal of $29,830. 2015 Dec. Paid the annual payment on the note, included $6,253 of interest. The remainder of the 31. payment reduced the principal balance on the note. Issued the note for cash at its face amount. If an amount box does not require an entry, leave it blank. 20Y2 Jan. 1 2012 Jan. 1 Issued the note for cash at its face amount. If an amount box does not require an entry, leave it blank 20Y2 Jan. 1 2012 jan. 1 O R Paid the annual payment on the note, which consisted of interest of $14,000 and principal of $29,830. If an amount box does not require an entry, leave it blank. 2012 Dec. 31 Paid the annual payment on the note, included $6,253 of interest. The remainder of the navment reduced the principal balance on the note. If an amount box does not require an entry, leave it blank. 2015 Dec. 31 more Check My Work uses remaining

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Behavioural Public Finance Individuals, Society, And The State

Authors: M Mustafa Erdogdu

1st Edition

0367631202, 9780367631208

More Books

Students also viewed these Accounting questions