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I just need help with the incorrect values highlighted in red. Thank you On January 1, 2021, Sheridan Corp. borrows $ 11,400 by signing a
I just need help with the incorrect values highlighted in red. Thank you
On January 1, 2021, Sheridan Corp. borrows $ 11,400 by signing a 3-year, 3% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. Your answer is correct. Calculate the annual principal payment. Annual principal payment $ 3800 e Textbook and Media Assistance Used e Textbook List of Accounts - Your answer is partially correct. Prepare an instalment payment schedule for the note. Period Cash payment Interest Expense Reduction of Principal Principal Balar Jan. 1, 2021 $ 0 $ $ 0 TA $ Dec. 31, 2021 3914 114 3800 Dec. 31, 2022 3876 76 3800 Dec. 31, 2023 3838 38 3800 Interest Expense Reduction of Principal Principal Balance $ 0 $ 0 $ 11400 114 3800 7600 76 3800 3800 38 3800 0 Your answer is partially correct. Prepare journal entries to record the note and the first instalment payment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021 Cash 11400 Notes Payable 11400 (To record issuance of note.) Dec. 31, 2021 Interest Expense 114 Notes Payable 3800 Cash 3914 (To record payment on note.)Step by Step Solution
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