Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help! Exercise 14-11 Installment note entries LO C1 On January 1, 2017, Eagle borrows $22,000 cash by signing a four-year. 6% Installment note. The note

help! image text in transcribed
image text in transcribed
Exercise 14-11 Installment note entries LO C1 On January 1, 2017, Eagle borrows $22,000 cash by signing a four-year. 6% Installment note. The note requires four equal payments of $6,349, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Table 1. Table B.2. Table B.3, and Table B4) (Use appropriate factoris) from the tables provided. Round your intermediate calculations and final answers to the nearest dollar amount. Round all table values to 4 decimal places, and use the rounded table values in calculations.) 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 Answer is not complete. No Date General Journal Credit Debit 22,000 Jan 01, 2017 Cash Notes payable 22,000 Dec 31, 2017 1,320 Interest expense Notes payable Cash 6,349 Dec 31, 2018 Interest expense Notes payable Cash 6,349 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It vare venerar ournai Jan 01, 2017 22,000 Cash Notes payable 22,000 Dec 31, 2017 1,320 Interest expense rest expense Notes payable Cash 6,349 Dec 31, 2018 Interest expense Notes payable Cash 6,349 OOO OOO OOO OO Dec 31, 2019 Interest expenses Notes payable Cash : 6,349 5 Dec 31, 2020 Interest expense Notes payable Cash

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

Principles Of Accounting Volume 2 Managerial Accounting

Authors: OpenStax

1st Edition

0357364805, 9780357364802

More Books

Students also viewed these Accounting questions