On January 1, 2020 Plumbus Inc. is issued a notes payable for $29,200. The note has an interest rate of 10% and will be paid semi-annually over two years. The payment terms are a blended payment of $8,235 which includes interest and principal. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. Complete the table to record the amount of principal and interest for each payment. Note: Due to rounding, make the reduction of the principal in the last payment equal to the remaining principal balance. This will ensure the ending principal balance is $0. Date Cash Payment Interest Expense Reduction of Principal Principal Balance Jul 1 2020 Jan 1, 2021 Jul 1, 2021 Jan 1, 2022

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On January 1, 2020 Plumbus Inc. is issued a notes payable for $29,200. The note has an interest rate of 10% and will be paid semi-annually over two years. The payment terms are a biended
payment of $8,235 which includes interest and principal.
Do not enter dollar signs or commas in the input boxes,
Round all answers to the nearest whole dollar.
Complete the tabie to record the amount of principal and interest for each payment. Note: Due to rounding, make the reduction of the principal in the last payment equal to the remaining
principal balance. This will ensure the ending principal balance is $0.
Date
Cash Payment Interest Expense Reduction of Principal Principal Balance
Jul 1 2020
Jan 1, 2021
Jul 1, 2021
Jan 1, 2022
Transcribed Image Text:On January 1, 2020 Plumbus Inc. is issued a notes payable for $29,200. The note has an interest rate of 10% and will be paid semi-annually over two years. The payment terms are a biended payment of $8,235 which includes interest and principal. Do not enter dollar signs or commas in the input boxes, Round all answers to the nearest whole dollar. Complete the tabie to record the amount of principal and interest for each payment. Note: Due to rounding, make the reduction of the principal in the last payment equal to the remaining principal balance. This will ensure the ending principal balance is $0. Date Cash Payment Interest Expense Reduction of Principal Principal Balance Jul 1 2020 Jan 1, 2021 Jul 1, 2021 Jan 1, 2022
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