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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.
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, (b) December 31, 2021; (4) December 31, 2022; (d) 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 Payable Repaid Principal on Year 1 2 24,000 18,752 Interest Expense 2,160 Note Payable Ending Note Payable 5,240 10,752 1,000 5,720 13,032 3 4 13,032 6,797 1,173 6,235 6,797 612 6,797 Total 5,635 24,000 View transaction list
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