Exercise 10-11 Installment note entries LO C1 On January 1, 2017, Eagle borrows $25,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $7,381, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and final answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020 View transaction list Journal entry worksheet 2 3 4 5 Eagle borrows $25,000 cash by signing a four-year, 7% installment note. Record the issuance of the note on January 1, 2017 Note: Enter debits before credits Date General Journal Debit Credit Jan 01, 2017 Record entry Clear entry View general journal Exercise 10-11 Installment note entries LO C1 On January 1, 2017 Eagle borrows $25,000 cash by signing a four year, 7% installment note. The note requires four equal payments of $7,381, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and final answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017 and the four payments from December 31, 2017, through December 31, 2020 View transaction list Journal entry worksheet 12 3 4 5 Record the payment of the first installment payment of interest and principal on December 31, 2017 Note: Enter debits before credits Date General Journal Debit Credit Dec 31, 2017 Record entry Clear entry View general journal Exercise 10-11 Installment note entries LO C1 On January 1, 2017, Eagle borrows $25,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $7,381, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and final answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020 View transaction list Journal entry worksheet Exercise 10-11 Installment note entries LO C1 On January 1, 2017 Eagle borrows $25.000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $7,381, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and final answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017 through December 31, 2020 View transaction list Journal entry worksheet Record the payment of the third installment payment of interest and principal on December 31, 2019. Note: Enter debits before credits Date General Journal Debit Credit Dec 31, 2019 Record entry Clear entry View general journal Exercise 10-11 Installment note entries LO C1 On January 1, 2017 Eagle borrows $25,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $7,381, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and final answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020 View transaction list Journal entry worksheet
