Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need the 4 journal entries please Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization

i need the 4 journal entries please
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corporation's installment note that has original principal of $25,000, interest of 6 percent compounded annually, and a term of 3 years Welton Corporation established the note on the first day of its fiscal year and will fully repay the note by the end of year 3 on its December 31 fiscal year-end. Prepare Welton Corporation's journal entries on (8) January 1. Year 1: (6) December 31, Year 1; ( December 31, Year 2; and (December 31, Year 3. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) View transaction list Journal entry worksheet 2 3 4 Record the Issuance of the note on January 1, Year 1. Note: Enter debits before credits General Journal Debit Credit Transaction {a) Record entry Clear entry View general Journal Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corporation's installment note that has original principal of $25,000, Interest of 6 percent compounded annually, and a term of 3 years. Welton Corporation established the note on the first day of its fiscal year and will fully repay the note by the end of year 3 on its December 31 fiscal year-end. Prepare Welton Corporation's journal entries on (a) January 1, Year 1 (6) December 31, Year : (9) December 31, Year 2; and (c) December 31, Year 3. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) View transaction list Journal entry worksheet Record the payment of the second installment on December 31, Year 2 Note: Enter debits before credits General Journal Transaction (c) Dobit Credit Racord entry Clear entry View general Journal Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corporation's Installment note that has original principal of $25,000, interest of 6 percent compounded annually, and a term of 3 years. Welton Corporation established the note on the first day of its fiscal year and will fully repay the note by the end of year 3 on its December 31 fiscal year-end. Prepare Welton Corporation's journal entries on (a) January 1 Year 1 (6) December 31, Year 1: (9) December 31, Year 2; and (d) December 31, Year 3. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) View transaction list Journal entry worksheet 3 Record the payment of the third installment on December 31, Year 3. Note: Enter debits before credits General Journal Debit Credit Transaction (d) Record entry Clear entry View general Journal

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

Contabilidad Para No Contadores

Authors: Wayne Label

2nd Edition

9587712986, 9789587712988

More Books

Students also viewed these Accounting questions

Question

What are the organizations task goals on this issue?

Answered: 1 week ago