TB Problem 10-219 (Algo) Installment note entries Prepare the journal entries to record the note's issuance and each of the four payments. Note: Round intermediate calculations and final answers to the nearest dollar. On January 1, a company borrows $29,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $8,178, consisting of accrued interest and principal on December 31 of each year. View transaction list 1 2 Eagle borrows $29,000 cash by signing a four-year, 5% installment note. Record the issuance of the note on January 1, Year 1. Record the payment of the first installment payment of X ote. >
TB Problem 10-219 (Algo) Installment note entries Prepare the journal entries to record the note's issuance and each of the four payments. Note: Round intermediate calculations and final answers to the nearest dollar. On January 1, a company borrows $29,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $8,178, consisting of accrued interest and principal on December 31 of each year. View transaction list 1 2 Eagle borrows $29,000 cash by signing a four-year, 5% installment note. Record the issuance of the note on January 1, Year 1. Record the payment of the first installment payment of X ote. >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:TB Problem 10-219 (Algo) Installment note entries
On January 1, a company borrows $29,000 cash by signing a four-year, 5% installment note. The note requires four equal
payments of $8,178, consisting of accrued interest and principal on December 31 of each year.
Prepare the journal entries to record the note's issuance and each of the four payments.
Note: Round intermediate calculations and final answers to the nearest dollar.
View transaction list
1
2
Eagle borrows $29,000 cash by signing a four-year, 5%
installment note. Record the issuance of the note on
January 1, Year 1.
Record the payment of the first installment payment of
X
J
bte.
>

Transcribed Image Text:View transaction list
1 Eagle borrows $29,000 cash by signing a four-year, 5%
installment note. Record the issuance of the note on
January 1, Year 1.
2 Record the payment of the first installment payment of
interest and principal on December 31, Year 1.
3
4
5
Record the payment of the second installment payment
of interest and principal on December 31, Year 2.
Record the payment of the third installment payment of
interest and principal on December 31, Year 3.
Record the payment of the fourth installment payment of
interest and principal on December 31, Year 4. (Hint:
Make sure that the balance in Matos nausble in tO afton
Note :
= journal entry has been entered
Record entry
Clear entry
X
bte.
ebit
Credit
View general journal
>
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