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NEED THE JOURNAL ENTRIES COMPLETED - PREVIOUS PART IS ALREADY PROVIDED THANK YOU! A company takes out a six-year, $470,000 long-term loan on March 1
NEED THE JOURNAL ENTRIES COMPLETED - PREVIOUS PART IS ALREADY PROVIDED THANK YOU!
A company takes out a six-year, $470,000 long-term loan on March 1 . The interest rate on the loan is 7% per year, and blended payments of $8,013 (including both interest and principal) are to be made at the end of each month. The following is an extract from the loan amortization table the bank provided the company with: \begin{tabular}{|c|c|c|c|} \hline & \begin{tabular}{c} Beginning \\ Loan Balance \end{tabular} & & \\ \hline Payment 1 & $470,000 & $ & 8013 \\ \hline Payment 2 & 464,729 & & 8,013 \\ \hline Payment 3 & 459,427 & & 8,013 \\ \hline Payment 4 & 454094 & (5) & 8,013 \\ \hline \end{tabular} (4) Prepare the journal entries to record the inception of the loan and the first two monthly payments. (Credit account titles are automatically indented when 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. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 125.) Account Titles and Explanation Debit Credit (To record the inception of the mortgage) (To record the first monthly payment) (To record the second monthly payment)Step by Step Solution
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