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Sigriing a 3-year, paya ote is repayab IPOUUR aa principal payments on December 31 of each year. Calculate the annual principal payment. Annual principal payment s eTextbook and Media List of Accounts Question Part Score

Sigriing a 3-year, paya ote is repayab IPOUUR aa principal payments on December 31 of each year. Calculate the annual principal payment. Annual principal payment s eTextbook and Media List of Accounts Question Part Score

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2021, Cullumber Corp. borrows $9,000 by signing a 3-year, 3% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. Calculate the annual principal payment. Annual principal payment $ eTextbook and Media List of Accounts Question Part Score Prepare an instalment payment schedule for the note. Period Cash payment Interest Expense Reduction of Principal Principal Bal Jan. 1, 2021 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 eTextbook and Media List of Accounts Question Part Score Prepare journal entries to record the note and the first instalment payment. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021 (Torecord issuance of note.) Dec. 31, 2021
Transcribed Image Text:On January 1, 2021, Cullumber Corp. borrows $9,000 by signing a 3-year, 3% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. Calculate the annual principal payment. Annual principal payment $ eTextbook and Media List of Accounts Question Part Score Prepare an instalment payment schedule for the note. Period Cash payment Interest Expense Reduction of Principal Principal Bal Jan. 1, 2021 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 eTextbook and Media List of Accounts Question Part Score Prepare journal entries to record the note and the first instalment payment. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021 (Torecord issuance of note.) Dec. 31, 2021
Prepare journal entries to record the note and the first instalment payment. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021 (Torecord issuance of note.) Dec. 31, 2021 (To record payment on note.) eTextbook and Media List of Accounts Question Part Score What amounts would be reported as current and non-current in the liabilities section of Cullumber's balance sheet at December 31, 2021? Current liability 24 Non-current liability 24 eTextbook and Media List of Accounts
Transcribed Image Text:Prepare journal entries to record the note and the first instalment payment. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021 (Torecord issuance of note.) Dec. 31, 2021 (To record payment on note.) eTextbook and Media List of Accounts Question Part Score What amounts would be reported as current and non-current in the liabilities section of Cullumber's balance sheet at December 31, 2021? Current liability 24 Non-current liability 24 eTextbook and Media List of Accounts
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