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28 Sep 2019
n January 1 of 20Y2, Hebron Company issued a $19,000, 4-year, 11% installment note to Ventsam Bank. The note requires annual payments of $6,124, beginning on December 31 of 20Y2.
Journalize the entries to record the following.
20Y2 Jan. 1 Issued the note for cash at its face amount. Dec. 31 Paid the annual payment on the note, which consisted of interest of $2,090 and principal of $4,034. 20Y5 Dec. 31 Paid the annual payment on the note, which included interest of $607. The remainder of the payment reduced the principal balance on the note.
Issued the note for cash at its face amount.
Year 1 Jan. 1
Paid the annual payment on the note, which consisted of interest of $2,090 and principal of $4,034. If an amount box does not require an entry, leave it blank.
Year 1 Dec. 31
Paid the annual payment on the note, which included interest of $607. The remainder of the payment reduced the principal balance on the note. If an amount box does not require an entry, leave it blank.
Year 4 Dec. 31
n January 1 of 20Y2, Hebron Company issued a $19,000, 4-year, 11% installment note to Ventsam Bank. The note requires annual payments of $6,124, beginning on December 31 of 20Y2.
Journalize the entries to record the following.
20Y2 | |
Jan. 1 | Issued the note for cash at its face amount. |
Dec. 31 | Paid the annual payment on the note, which consisted of interest of $2,090 and principal of $4,034. |
20Y5 | |
Dec. 31 | Paid the annual payment on the note, which included interest of $607. The remainder of the payment reduced the principal balance on the note. |
Issued the note for cash at its face amount.
Year 1 Jan. 1 | |||
Paid the annual payment on the note, which consisted of interest of $2,090 and principal of $4,034. If an amount box does not require an entry, leave it blank.
Year 1 Dec. 31 | |||
Paid the annual payment on the note, which included interest of $607. The remainder of the payment reduced the principal balance on the note. If an amount box does not require an entry, leave it blank.
Year 4 Dec. 31 | |||
Elin HesselLv2
30 Sep 2019