Exercise 14-12/13 (2 Part)
Required information Use the following information for the Exercises below. (Algo) (The following information applies to the questions displayed below.) On January 1, 2021, Eagle Company borrows $28,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $8,081, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Exercise 14-12 (Algo) Installment note amortization table LO C1 Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Answer is not complete. Period Ending Date 2021 (A) Beginning Balance $ 28,000 Payments (B) Debit (C) Debit Interest Notes Expense Payable 6,000 (D) Credit Cash (E) Ending Balance $ 2022 2023 2024 Total 6,000 0 Requirea information Use the following information for the Exercises below. (Algo) (The following information applies to the questions displayed below.) On January 1, 2021, Eagle Company borrows $28,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $8,081, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024 Exercise 14-13 (Algo) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list Journal entry worksheet Eagle borrows $28,000 cash by signing a four-year, 6% installment note. Record the issuance of the note on January 1, 2021. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Requirea information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On January 1, 2021, Eagle Company borrows $28,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $8,081, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Exercise 14-13 (Algo) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list Journal entry worksheet Record the payment of the first installment payment of interest and principal on December 31, 2021. Note: Enter debits before credits. General Journal Debit Credit Date December 31 2021 Requirea information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.) On January 1, 2021, Eagle Company borrows $28,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $8,081, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Exercise 14-13 (Algo) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list Journal entry worksheet Record the payment of the second installment payment of interest and principal on December 31, 2022. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2022 Requirea information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On January 1, 2021, Eagle Company borrows $28,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $8,081, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024 Exercise 14-13 (Algo) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list Journal entry worksheet Record the payment of the third installment payment of interest and principal on December 31, 2023. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2023 Requirea information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On January 1, 2021, Eagle Company borrows $28,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $8,081, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024 Exercise 14-13 (Algo) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list Journal entry worksheet Record the payment of the fourth installment payment of interest and principal on December 31, 2024. (Hint: Make sure that the balance in Notes payable is $0 after this entry.) Note: Enter debits before credits. General Journal Debit Credit Date December 31 2024
