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Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corporation's installment note that has original principal of $13,000, interest of 10% compounded annually, and a term of 3 years Welton Corporation established the note on the first day of its fiscal year and will fully repay the note by the end of year 3 on its December 31 fiscal year-end. Prepare Welton Corporation's journal entries on (a) January 1, Year 1: (b) December 31, Year 1 (4 December 31, Year 2; and (d) December 31, Year 3. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) View transaction list 1 " No 1 2 3 Transaction (a) (b) (c) View journal entry worksheet (d) Cash General Journal Notes Payable (long-term) Interest Expense Notes Payable (ong-term) Cash Interest Expense Notes Payable (long-term) Cash Interest Expense Notes Payable (long-term) Debit 13,000 1,300 1,300 13,000 Credit 1,300 1,300 1,300 14.300

Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corporation's installment note that has original principal of $13,000, interest of 10% compounded annually, and a term of 3 years Welton Corporation established the note on the first day of its fiscal year and will fully repay the note by the end of year 3 on its December 31 fiscal year-end. Prepare Welton Corporation's journal entries on (a) January 1, Year 1: (b) December 31, Year 1 (4 December 31, Year 2; and (d) December 31, Year 3. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) View transaction list 1 " No 1 2 3 Transaction (a) (b) (c) View journal entry worksheet (d) Cash General Journal Notes Payable (long-term) Interest Expense Notes Payable (ong-term) Cash Interest Expense Notes Payable (long-term) Cash Interest Expense Notes Payable (long-term) Debit 13,000 1,300 1,300 13,000 Credit 1,300 1,300 1,300 14.300

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corporation's installment note that has original principal of $13,000, interest of 10% compounded annually, and a term of 3 years. Welton Corporation established the note on the first day of its fiscal year and will fully repay the note by the end of year 3 on its December 31 fiscal year-end. Prepare Welton Corporation's journal entries on (a) January 1, Year 1; (b) December 31, Year 1 (d) December 31, Year 2; and (d) December 31, Year 3, (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) View transaction list 7 1 No 1 2 3 4 Transaction (8) (b) (c) View journal entry worksheet (d) Cash Notes Payable (long-term) Interest Expense General Journal Notes Payable (long-term) Cash Interest Expense Notes Payable (long-term) Cash Interest Expense Notes Payable (long-term) Debit 13,000 1,300 1,300 13,000 Credit 1,300 1,300 1,300 14,300
Transcribed Image Text:Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corporation's installment note that has original principal of $13,000, interest of 10% compounded annually, and a term of 3 years. Welton Corporation established the note on the first day of its fiscal year and will fully repay the note by the end of year 3 on its December 31 fiscal year-end. Prepare Welton Corporation's journal entries on (a) January 1, Year 1; (b) December 31, Year 1 (d) December 31, Year 2; and (d) December 31, Year 3, (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) View transaction list 7 1 No 1 2 3 4 Transaction (8) (b) (c) View journal entry worksheet (d) Cash Notes Payable (long-term) Interest Expense General Journal Notes Payable (long-term) Cash Interest Expense Notes Payable (long-term) Cash Interest Expense Notes Payable (long-term) Debit 13,000 1,300 1,300 13,000 Credit 1,300 1,300 1,300 14,300
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