E. PART E PROBLEM. USE SEPARATE EXCEL ANSWER SHEET. Suppose your business borrow $14,000 from the bank in order to buy a new car by signing a promissory note payable. The bank charges 6% APR, compounded monthly. You will make equal monthly payments at the end of each month for two years. 1. 2. Complete an amortization schedule in Excel for all 24 months that shows the table headers and columns below. Prepare the journal entry for the first payment (Mo. #1). 1 2 Mo.# Beg. Balance 14,000.00 etc. Principal Payment Interest Reduction End. Balance

E. PART E PROBLEM. USE SEPARATE EXCEL ANSWER SHEET. Suppose your business borrow $14,000 from the bank in order to buy a new car by signing a promissory note payable. The bank charges 6% APR, compounded monthly. You will make equal monthly payments at the end of each month for two years. 1. 2. Complete an amortization schedule in Excel for all 24 months that shows the table headers and columns below. Prepare the journal entry for the first payment (Mo. #1). 1 2 Mo.# Beg. Balance 14,000.00 etc. Principal Payment Interest Reduction End. Balance

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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