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; (4) 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 Total Beginning Note payable 30,000 23,040 15,732. 8,059 Interest Expense 1,500 1,152 787 401 3,840 Repaid Principal on Note Payable 6,960 7,308 7,673 8,059 30,000 Ending Note Payable 23,040 15,732 8,059 e
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; (4) 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 Total Beginning Note payable 30,000 23,040 15,732. 8,059 Interest Expense 1,500 1,152 787 401 3,840 Repaid Principal on Note Payable 6,960 7,308 7,673 8,059 30,000 Ending Note Payable 23,040 15,732 8,059 e
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject: acounting
Transcribed Image Text: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
30,000
23,040
15,732.
8,059
Repaid Principal
Interest Expense on Note Payable
1,500
1,152
787
401
3,840
6,960
7,308
7,673
8,059
30,000
Ending Note
Payable
23,040
15,732
8,059
0
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