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On January 1, $37,000 cash is borrowed from a bank in return for a 8% installment note with 36 monthly payments of $1,159 each. (1)
On January 1, $37,000 cash is borrowed from a bank in return for a 8% installment note with 36 monthly payments of $1,159 each. (1) Prepare an amortization table for the first three months of this installment note. (2) Record the entry for issuance of the note. (3) Record the entry for the first interest payment and for the second interest payment. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an amortization table for the first three months of this installment note. (Round your answers to the nearest whole dollar.) Payments Period (A) Beginning (B) Debit Interest Expense (C) Debit Notes Payable (D) Credit Cash Ending Date January 31 (E) Ending Balance Balance $ 36,088 1,159 1,159 February 28 35,090 X March 31 1,159 34,165 X Required 2 > 37,000 36,008 35,090 $ 247 241 234
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