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Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On January 1, 2020, Eagle Company borrows
Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On January 1, 2020, Eagle Company borrows $23,000 cash by signing a four-year, 9% installment note. The note requires four equal payments of $7,099, consisting of accrued interest and principal on December 31 of each year from 2020 through 2023. Exercise 10-13 (Algo) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. Note: Round your intermediate calculations and final answers to the nearest dollar amount. Journal entry worksheet 4 5 Eagle borrows $23,000 cash by signing a four-year, 9% installment note. Record the issuance of the note on January 1,2020. Note: Enter debits before credits
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