Instructions Chart of Accounts Instructions Journal On January 1, Year 1, Wedekind Company issued a $251,000, five-year, 5% installment note to Shannon Bank. The note requires an payments of $57,975, beginning on December 31, Year 1. Required:
Instructions Chart of Accounts Instructions Journal On January 1, Year 1, Wedekind Company issued a $251,000, five-year, 5% installment note to Shannon Bank. The note requires an payments of $57,975, beginning on December 31, Year 1. Required:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Instructions Chart of Accounts
Instructions
On January 1, Year 1, Wedekind Company issued a $251,000, five-year, 5% installment note to Shannon Bank. The note requires annual
payments of $57,975, beginning on December 31, Year 1.
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Required:
Journalize the entries to record the following transactions. Refer to the chart of accounts for the exact wording of the account titles.
CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals
will automatically indent a credit entry when a credit amount is entered.
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Issued the note for cash at its face amount.
Paid the annual payment on the note, which consisted of interest of $12,550 and principal of $45,425.
Paid the annual payment on the note, including $5,390 of interest. The remainder of the payment
reduced the principal balance on the note.
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