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suance of the note. e first interest paymer

suance of the note. e first interest paymer

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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**Loan Amortization Exercise** **Scenario:** On January 1, a bank provides a loan of $30,000 in exchange for a 12% installment note, which requires 36 monthly payments of $996 each. **Tasks:** 1. **Amortization Table:** - Prepare an amortization table for the first three months of the installment note. 2. **Issuance of the Note:** - Record the accounting entry for the issuance of the note. 3. **Interest Payments:** - Record the accounting entry for the first interest payment. - Record the accounting entry for the second interest payment. **Instructions:** Complete the question by entering your responses in the tabs provided below. **Tabs for Input:** - **Required 1:** Input for the amortization table. - **Required 2:** Input for the issuance entry. - **Required 3:** Input for interest payment entries. **Prompt:** - **View transaction list** to record the entry for the issuance of the note.
Transcribed Image Text:**Loan Amortization Exercise** **Scenario:** On January 1, a bank provides a loan of $30,000 in exchange for a 12% installment note, which requires 36 monthly payments of $996 each. **Tasks:** 1. **Amortization Table:** - Prepare an amortization table for the first three months of the installment note. 2. **Issuance of the Note:** - Record the accounting entry for the issuance of the note. 3. **Interest Payments:** - Record the accounting entry for the first interest payment. - Record the accounting entry for the second interest payment. **Instructions:** Complete the question by entering your responses in the tabs provided below. **Tabs for Input:** - **Required 1:** Input for the amortization table. - **Required 2:** Input for the issuance entry. - **Required 3:** Input for interest payment entries. **Prompt:** - **View transaction list** to record the entry for the issuance of the note.
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