Installment Notes

On July $1,2020,$ Jasper Distributors Inc. finances the purchase of a new pickup truck by making a cash down payment of $$5,000$ and issuing a $$30,000$ two year, $10\%$ note payable for the balance. The note is payable in four equal semi$-$annual EQUAL TOTAL PAYMENTS payments on December $31,$ and June $30$ of each year.

Complete the following amortization table for the first payment only. Keep all decimal places for calculations but enter answers into the table rounded to the nearest dollar.

$\backslash$table$[[$Date$,\backslash$table$[[$Beginning$],[$Balance$]],\backslash$table$[[$Interest$],[$Expense$]],\backslash$table$[[$Note$],[$Payable$]],$Cash,$\backslash$table$[[$Ending$],[$Balance$]]],[$Dec$.31,2020,,1500,6960,8460,23040]]$

Prepare the journal entry to record the first installment payment on December $31,2020.$

$\backslash$table$[[$Date$,$Account Name,,Debit or Credit,Amount$],[$Dec $31,,,,],[,,**,,],[,,**,,],[,,**,,],[,,,,]]$

READ: The account names have not been indented on purpose. Select the account name to be included in the journal entry, choose whether that account is debited or credited, and finish by entering the amount. Debits still need to come before credits. There could be rows available for account names and debits and credits that are unnecessary. If a row $($ie$.$ blank for an account name$)$ is not needed, select $"$No Entry" for the Account Name, select $"$No Entry" for the Debit or Credit column, and enter a $"$O$"($a zero with no quotes$)$ in the Amount column. For example, if you only need three accounts in the journal entrv and vou have four