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need only 2-5. The following amortization schedule indicates the interest and principal that Chip's Cookie Corporation (CCC) must repay on an Installment note established January
need only 2-5.
The following amortization schedule indicates the interest and principal that Chip's Cookie Corporation (CCC) must repay on an Installment note established January 1, 2021 CCC has a December 31 year end and makes the required annual payments on December 31 Use the amortization schedule to prepare CCC's required journal entries on (a) January 1, 2021 (6) December 31, 2021 (9 December 31, 2022 (c) December 31, 2023, and (e) December 31, 2024. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Beginning Note Repaid Principal Ending Note Year payable Interest Expense on Note Payable Payable 30,000 1,500 6,960 23,040 2 23,640 1,152 7,308 15,732 15,732 7,673 8,059 8,059 8,059 3,840 30,000 1 3 4 Total 787 401 Answer is not complete. No Transaction (a) Debit Credit 1 General Journal Cash Notes Payable (long torm) 30,000 30,000 2 (6) O Notos Payable (long torm) Interest Exponso Cash 3 (C) Notes Payable long term) Interest Expense Cash 4 (d) Notes Payable dong torm) Interest Expense Cash 5 (0) S Notes Payable (long torm Interest Expenso Cash Step by Step Solution
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