You qualified for a student loan in the amount of

$10,000.

Once you graduate, you are required to repay this loan over 10 years at a rate of interest of

4

percent. The monthly interest and principal repayments are calculated like a mortgage. The following table illustrates the first four payments beginning December 1,

2020.

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(Click the icon to view the loan payment schedule.)Using the information from the table, record the journal entry for the January 1,

2021,

loan payment.Record the journal entry for the January 1,

2021,

loan payment. (Record debits first, then credits. Exclude explanations from journal entries. Round amounts to the nearest cent.)

Journal Entry
Date		Accounts	Debit	Credit
Jan.	1

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Loan payment schedule

Student Loan Payments
		Blended
	Beginning	Monthly Loan	Interest	Principal	Ending
Period	Balance	Payment	Expense	Payment	Balance
Nov. 1, 2020					$10,000.00
Dec. 1, 2020	$10,000.00	$101.25	$33.33	$67.92	9,932.08
Jan. 1, 2021	9,932.08	101.25	33.11	68.14	9,863.94
Feb. 1, 2021	9,863.94	101.25	32.88	68.37	9,795.57
Mar. 1, 2021	9,795.57	101.25	32.65	68.60	9,726.97