Exercise 10-13 (Algo) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. Note: Round your intermediate calculations and final answers to the nearest dollar amount. 1 Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] View transaction list 2 On January 1, 2021, Eagle Company borrows $33,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $9,524, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. 3 4 Eagle borrows $33,000 cash by signing a four-year, 6% installment note. Record the issuance of the note on January 1, 2021. Record the payment of the first installment payment of interest and principal on December 31, 2021. Record the payment of the second installment payment of interest and principal on December 31, 2022. Record the payment of the third installment payment of interest and principal on December 31, 2023. 5 Record the payment of the fourth installment payment of interest and principal on December 31, 2024. (Hint: Make sure that the balance in Notes payable is $0 after this Note: ( = journal entry has been entered X ote. Credit
Exercise 10-13 (Algo) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. Note: Round your intermediate calculations and final answers to the nearest dollar amount. 1 Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] View transaction list 2 On January 1, 2021, Eagle Company borrows $33,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $9,524, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. 3 4 Eagle borrows $33,000 cash by signing a four-year, 6% installment note. Record the issuance of the note on January 1, 2021. Record the payment of the first installment payment of interest and principal on December 31, 2021. Record the payment of the second installment payment of interest and principal on December 31, 2022. Record the payment of the third installment payment of interest and principal on December 31, 2023. 5 Record the payment of the fourth installment payment of interest and principal on December 31, 2024. (Hint: Make sure that the balance in Notes payable is $0 after this Note: ( = journal entry has been entered X ote. Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Exercise 10-13 (Algo) Installment note entries LO C1
Prepare the journal entries for Eagle to record the note's issuance and each of the four payments.
Note: Round your intermediate calculations and final answers to the nearest dollar amount.
1
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
View transaction list
2
On January 1, 2021, Eagle Company borrows $33,000 cash by signing a four-year, 6% installment note. The note requires
four equal payments of $9,524, consisting of accrued interest and principal on December 31 of each year from 2021
through 2024.
3
4
Eagle borrows $33,000 cash by signing a four-year, 6%
installment note. Record the issuance of the note on
January 1, 2021.
Record the payment of the first installment payment of
interest and principal on December 31, 2021.
Record the payment of the second installment payment
of interest and principal on December 31, 2022.
Record the payment of the third installment payment of
interest and principal on December 31, 2023.
5 Record the payment of the fourth installment payment of
interest and principal on December 31, 2024. (Hint: Make
sure that the balance in Notes payable is $0 after this
= journal entry has been entered
Note :
X
ote.
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8aa0e649-7d9d-4eef-b9bf-7f22732d0bcd%2F8c0aae07-4803-42ee-91e5-30a3c44ccae6%2Fl0jjpel_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 10-13 (Algo) Installment note entries LO C1
Prepare the journal entries for Eagle to record the note's issuance and each of the four payments.
Note: Round your intermediate calculations and final answers to the nearest dollar amount.
1
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
View transaction list
2
On January 1, 2021, Eagle Company borrows $33,000 cash by signing a four-year, 6% installment note. The note requires
four equal payments of $9,524, consisting of accrued interest and principal on December 31 of each year from 2021
through 2024.
3
4
Eagle borrows $33,000 cash by signing a four-year, 6%
installment note. Record the issuance of the note on
January 1, 2021.
Record the payment of the first installment payment of
interest and principal on December 31, 2021.
Record the payment of the second installment payment
of interest and principal on December 31, 2022.
Record the payment of the third installment payment of
interest and principal on December 31, 2023.
5 Record the payment of the fourth installment payment of
interest and principal on December 31, 2024. (Hint: Make
sure that the balance in Notes payable is $0 after this
= journal entry has been entered
Note :
X
ote.
Credit
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