On January 1, 20y2, Hebron Company issued a $251,000 , five-year, 5% installment note to Ventsam Bank. The note requires annual payments of 57,975, beginning December 31, 20y2

Instructions On January 2012. Hebron Company issued a 5251,000, We-year, 5%. Installment rate to Ventsam Bank The noto requires annual payments at $57975, beginning on December 31, 2012 Joumalize the entries to record me following transactions. Refer to the Chart of Accounts for exact wording of accountantos. 2042 1 houd te nodo for cash at its foco amount 31. Paid the armual payment on the role, which contod of interest of $12,660 and principal o 545,425 Jan Dec 2015 Dec 31 Paid the annual payment on the note, included $5,300 at interest. The remainder of the payment reduced the principal balance on the note Journal OP Jourmalize the entries to record the transactions for the war 2072 Refer to the Chart of Accounts for exact wording of account idea, PAGE 10 lo JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LABUTIES COUNTY I Instructions Journal O 20 b. Joumaze the entries to record the transactions for the year 2015, Peter to the Chart of Accounts for exact wording of account tos. PAGE 15 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION DEBIT LASIUTIES CREDIT EQUITY POSTAL ASSETS