On January 1, 2023, a pet store buys a new dog and cat washing station costing $5,000 with a 7.3% installment note. The note will be paid off with payments made at the end of each quarter over two years Each payment is $677. Complete the installment note schedule below. To save time, you can round all number to the nearest dollar (just note if you do some of your calculations for the last payment may need to be "plugged").. PERIOD 1/1/23 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 CASH PAYMENT INTEREST EXPENSE REDUCTION OF N/P What is the journal entry for September 30, 2024? N/P BALANCE $5,000 What is the journal entry to record the purchase of the equipment on January 1, 2023?
On January 1, 2023, a pet store buys a new dog and cat washing station costing $5,000 with a 7.3% installment note. The note will be paid off with payments made at the end of each quarter over two years Each payment is $677. Complete the installment note schedule below. To save time, you can round all number to the nearest dollar (just note if you do some of your calculations for the last payment may need to be "plugged").. PERIOD 1/1/23 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 CASH PAYMENT INTEREST EXPENSE REDUCTION OF N/P What is the journal entry for September 30, 2024? N/P BALANCE $5,000 What is the journal entry to record the purchase of the equipment on January 1, 2023?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
4411.
Transcribed Image Text:On January 1, 2023, a pet store buys a new dog and cat washing station costing $5,000 with a 7.3%
installment note. The note will be paid off with payments made at the end of each quarter over two years.
Each payment is $677.
Complete the installment note schedule below. To save time, you can round all number to the nearest
dollar (just note if you do some of your calculations for the last payment may need to be "plugged")..
PERIOD
1/1/23
3/31/23
6/30/23
9/30/23
12/31/23
3/31/24
6/30/24
9/30/24
12/31/24
CASH
PAYMENT
INTEREST
EXPENSE
REDUCTION
OF N/P
What is the journal entry for September 30, 2024?
N/P
BALANCE
$5,000
What is the journal entry to record the purchase of the equipment on January 1, 2023?
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