On January 1, 2024, Carla Vista Corp. borrows $12,600 by signing a 3-year, 6% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. (c) Prepare journal entries to record the note and the first instalment payment. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles Jan. 1, 2024 Dec. 31, 2024 Debit Credit
On January 1, 2024, Carla Vista Corp. borrows $12,600 by signing a 3-year, 6% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. (c) Prepare journal entries to record the note and the first instalment payment. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles Jan. 1, 2024 Dec. 31, 2024 Debit Credit
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 11E
Related questions
Question
![On January 1, 2024, Carla Vista Corp. borrows $12,600 by signing a 3-year, 6% note payable. The note is repayable in three annual
fixed principal payments on December 31 of each year.
(c)
Prepare journal entries to record the note and the first instalment payment. (List all debit entries before credit entries. Credit
account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the
problem.)
Date
Account Titles
Jan. 1, 2024
Dec. 31, 2024
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb3d53aa-da29-4f48-9333-2e8f3bdfd716%2F50582bb1-8393-4990-b2fb-d53b09a258db%2Fyvsynj_processed.png&w=3840&q=75)
Transcribed Image Text:On January 1, 2024, Carla Vista Corp. borrows $12,600 by signing a 3-year, 6% note payable. The note is repayable in three annual
fixed principal payments on December 31 of each year.
(c)
Prepare journal entries to record the note and the first instalment payment. (List all debit entries before credit entries. Credit
account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the
problem.)
Date
Account Titles
Jan. 1, 2024
Dec. 31, 2024
Debit
Credit
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