Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2017, Eagle borrows $33,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $9,524, consisting of

On January 1, 2017, Eagle borrows $33,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $9,524, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided. Round your intermediate calculations and final answers to the nearest dollar amount. Round all table values to 4 decimal places, and use the rounded table values in calculations.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Check my work Exercise 14-11 Installment note entries LO C1 On January 1, 2017 Eagle borrows $33,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $9,524, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Table B1, Table B.2. Table B.3, and Table 8.4) (Use appropriate factor(s) from the tables provided. Round your intermediate calculations and final answers to the nearest dollar amount. Round all table values to 4 decimal places, and use the rounded table values in calculations.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. Journal entry worksheet Eagle borrows $33,000 cash by signing a four-year, 6% installment note. Record the issuance of the note on January 1, 2017 Note: Debit Credit Jan 01, 2017 Check my work le to record the loan on January 1, 2017, and the four payments from December 31, 2017 , through entries for Eagl December 31, 2020. Journal entry worksheet Record the payment of the second installment payment of interest and principal on December 31, 2018 Dec 31, 2018 Record entry Clear entry 15 Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, t Journal entry worksheet t of the third installment payment of interest and principal Record the on December 31, 2019

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_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions