On January 1, 2021, Eagle Company borrows $22,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $6,349, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. 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. (Round your intermediate calculations and final answers to the nearest dollar amount.)
On January 1, 2021, Eagle Company borrows $22,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $6,349, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. 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. (Round your intermediate calculations and final answers to the nearest dollar amount.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2021, Eagle Company borrows $22,000 cash by signing a four-year, 6% installment note. The note requires
four equal payments of $6,349, consisting of accrued interest and principal on December 31 of each year from 2021
through 2024.
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. (Round your intermediate
calculations and final answers to the nearest dollar amount.)
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Journal entry worksheet
<
2
Eagle borrows $22,000 cash by signing a four-year, 6% installment note.
Record the issuance of the note on January 1, 2021.
Note: Enter debits before credits.
Date
January 01, 2021
5
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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