Dandy Candy bought a delivery vehicle for $45,000 by issuing an 8% installment note on January 1, 2021. Dandy will make 12 monthly payments of $3,914.50 at the end of each month. Period Cash Payment (Credit) Interest Expense (Debit) Reduction of Note Payalbe (Debit)) Note Payable Balance At issue --- --- --- $45,000 01/31/21 $3,914.50 $300.00 $3,614.50 41,385.50 02/28/21 3,914.50 ? ? ? 03/31/21 3,914.50 ? ? ? 04/30/21 3,914.50 ? ? ? 05/31/21 3,914.50 ? 3,711.85 26,684.93 Required: Using the partially completed amortization table above, prepare the journal entries for the end of March and the end of April. Round your answers to the nearest cent. 2021 Mar. 31 Interest Expense fill in the blank 2 fill in the blank 3 Notes Payable fill in the blank 5 fill in the blank 6 Cash fill in the blank 8 fill in the blank 9 Record monthly payment Apr. 30 Interest Expense fill in the blank 11 fill in the blank 12 Notes Payable fill in the blank 14 fill in the blank 15 Cash fill in the blank 17 fill in the blank 18 Record monthly payment
Dandy Candy bought a delivery vehicle for $45,000 by issuing an 8% installment note on January 1, 2021. Dandy will make 12 monthly payments of $3,914.50 at the end of each month. Period Cash Payment (Credit) Interest Expense (Debit) Reduction of Note Payalbe (Debit)) Note Payable Balance At issue --- --- --- $45,000 01/31/21 $3,914.50 $300.00 $3,614.50 41,385.50 02/28/21 3,914.50 ? ? ? 03/31/21 3,914.50 ? ? ? 04/30/21 3,914.50 ? ? ? 05/31/21 3,914.50 ? 3,711.85 26,684.93 Required: Using the partially completed amortization table above, prepare the journal entries for the end of March and the end of April. Round your answers to the nearest cent. 2021 Mar. 31 Interest Expense fill in the blank 2 fill in the blank 3 Notes Payable fill in the blank 5 fill in the blank 6 Cash fill in the blank 8 fill in the blank 9 Record monthly payment Apr. 30 Interest Expense fill in the blank 11 fill in the blank 12 Notes Payable fill in the blank 14 fill in the blank 15 Cash fill in the blank 17 fill in the blank 18 Record monthly payment
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Dandy Candy bought a delivery vehicle for $45,000 by issuing an 8% installment note on January 1, 2021. Dandy will make 12 monthly payments of $3,914.50 at the end of each month.
| Period | Cash Payment (Credit) | Interest Expense (Debit) | Reduction of Note Payalbe (Debit)) | Note Payable Balance |
| At issue | --- | --- | --- | $45,000 |
| 01/31/21 | $3,914.50 | $300.00 | $3,614.50 | 41,385.50 |
| 02/28/21 | 3,914.50 | ? | ? | ? |
| 03/31/21 | 3,914.50 | ? | ? | ? |
| 04/30/21 | 3,914.50 | ? | ? | ? |
| 05/31/21 | 3,914.50 | ? | 3,711.85 | 26,684.93 |
Required:
Using the partially completed amortization table above, prepare the
| 2021 Mar. 31 | Interest Expense | fill in the blank 2 | fill in the blank 3 |
| Notes Payable | fill in the blank 5 | fill in the blank 6 | |
| Cash | fill in the blank 8 | fill in the blank 9 | |
| Record monthly payment | |||
| Apr. 30 | Interest Expense | fill in the blank 11 | fill in the blank 12 |
| Notes Payable | fill in the blank 14 | fill in the blank 15 | |
| Cash | fill in the blank 17 | fill in the blank 18 | |
| Record monthly payment |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education