Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule Welton Corporation's installment note that has original principal of $36,000, interest of 5% compounded annually, and a term of 3 vears. 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; ) 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 Journal entry worksheet 1 2 3 > Record the issuance of the note on January 1, Year 1. Note: Enter debits before credits. Transaction General Journal Debit Credit (a) Record entry Clear entry View general journal

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 $36,000, interest of 5% 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;
(C) 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
Journal entry worksheet
2
3 4
>
Record the issuance of the note on January 1, Year 1.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
(a)
Record entry
Clear entry
View general journal
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 $36,000, interest of 5% 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; (C) 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 Journal entry worksheet 2 3 4 > Record the issuance of the note on January 1, Year 1. Note: Enter debits before credits. Transaction General Journal Debit Credit (a) Record entry Clear entry View general journal
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