Entries for installment note transactions On January 1, 20Y2, Hebron Company issued a $52,000, 4-year, 11% installment note to Ventsam Bank. The note requires annual payments of $16,761, beginning on December 31, 20Y2. Journalize the entries to record the following: 20Y2 Jan. 1 Issued the note for cash at its face amount. Dec. 31 Paid the annual payment on the note, which consisted of interest of $5,720 and principal of $11,041. 20Y5 Dec. 31 Paid the annual payment on the note, including interest of $1,661 of interest. The remainder of the payment reduced the principal balance on the note. Issued the note for cash at its face amount. If an amount box does not require an entry, leave it blank. 20Y2 Jan. 1 Paid the annual payment on the note, which consisted of interest of $5,720 and principal of $11,041. If an amount box does not require an entry, leave it blank. 20Y2 Dec. 31 Paid the annual payment on the note, including interest of $1,661 of interest. The remainder of the payment reduced the principal balance on the note. If an amount box does not require an entry, leave it blank. 88 20Y5 Dec. 31

Entries for installment note transactions On January 1, 20Y2, Hebron Company issued a $52,000, 4-year, 11% installment note to Ventsam Bank. The note requires annual payments of $16,761, beginning on December 31, 20Y2. Journalize the entries to record the following: 20Y2 Jan. 1 Issued the note for cash at its face amount. Dec. 31 Paid the annual payment on the note, which consisted of interest of $5,720 and principal of $11,041. 20Y5 Dec. 31 Paid the annual payment on the note, including interest of $1,661 of interest. The remainder of the payment reduced the principal balance on the note. Issued the note for cash at its face amount. If an amount box does not require an entry, leave it blank. 20Y2 Jan. 1 Paid the annual payment on the note, which consisted of interest of $5,720 and principal of $11,041. If an amount box does not require an entry, leave it blank. 20Y2 Dec. 31 Paid the annual payment on the note, including interest of $1,661 of interest. The remainder of the payment reduced the principal balance on the note. If an amount box does not require an entry, leave it blank. 88 20Y5 Dec. 31

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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