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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
The following amortization schedule indicates the interest and principal that Chip's Cookie Corporation CCC must repay on an installment note established January CCC has a December yearend and makes the required annual payments on December
tableYeartableBeginning NotesPayabletableRepaid Principal onInterest ExpensetableEnding NotesPayable$$$$Total$$
Required:
Use the amortization schedule to prepare CCCs required journal entries on:
a January ;
b December ;
c December ;
d December ; and
e December
Note: Use amounts from the above table for your entries. If no entry is required for a transaction or event, select No Journal Entry Required" in the first account field.
Answer is complete but not entirely correct.
tableNoTransaction,Ger,,Debit,CreditaCash,Notes Payable longtermbNotes Payable longtermVInterest Expense,Cash,VcNotes Payable longtermvvInterest Expense,VCash,dNotes Payable longtermVInterest Expense,VCash,eNotes Payable longtermtheta Interest Expense,Cash,times
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