The following amortization schedule indicates the interest and principal that Chip's Cookie Corporation (CCC) must repay on an installment note established January 1, 2021. CCC has a December 31 year-end and makes the required annual payments on December 31. Use the amortization schedule to prepare CCC's required journal entries on (a) January 1, 2021; (b) December 31, 2021; (c) December 31, 2022; (d) December 31, 2023; and (e) December 31, 2024. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Year 1 2 3 4 Total Beginning Note Payable 17,000 13,114 8,995 4,629 View transaction list 1 Interest Expense 1,020 787 540 278 2,625 Journal entry worksheet 2 3 Record the notes payable. Note: Enter debits before credits. 4 Repaid Principal on Note Payable 3,886 4,119 5 4,366 4,629 17,000 Ending Note Payable 13,114 8,995 4,629 0
The following amortization schedule indicates the interest and principal that Chip's Cookie Corporation (CCC) must repay on an installment note established January 1, 2021. CCC has a December 31 year-end and makes the required annual payments on December 31. Use the amortization schedule to prepare CCC's required journal entries on (a) January 1, 2021; (b) December 31, 2021; (c) December 31, 2022; (d) December 31, 2023; and (e) December 31, 2024. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Year 1 2 3 4 Total Beginning Note Payable 17,000 13,114 8,995 4,629 View transaction list 1 Interest Expense 1,020 787 540 278 2,625 Journal entry worksheet 2 3 Record the notes payable. Note: Enter debits before credits. 4 Repaid Principal on Note Payable 3,886 4,119 5 4,366 4,629 17,000 Ending Note Payable 13,114 8,995 4,629 0
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 14EB: Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning