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 $62,000, interest of 12% 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 he nearest dollar Required" in the first account field. Do not round intermediate calculations. Round your final answer amount.) No 1 2 3 4 Transaction (a) (b) (c) (d) Cash Notes Payable (long-term) General Journal No Journal Entry Required. Interest Expense Notes Payable (long-term) Cash Interest Expense Cash Answer is not complete. 33 Ⓡ 000 O ** Debit 17,534 1,912 15,632 1,405 Credit 17,534 17,544 18,949 X

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 $62,000, interest of 12% 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 he nearest dollar Required" in the first account field. Do not round intermediate calculations. Round your final answer amount.) No 1 2 3 4 Transaction (a) (b) (c) (d) Cash Notes Payable (long-term) General Journal No Journal Entry Required. Interest Expense Notes Payable (long-term) Cash Interest Expense Cash Answer is not complete. 33 Ⓡ 000 O ** Debit 17,534 1,912 15,632 1,405 Credit 17,534 17,544 18,949 X

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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