Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corporation's installment note that has original principal of $17,000, interest of 6% compounded annually, and a term of 3 years. Welton Corporation established the note on the first day of its fiscal year and will fully repay the note by the end of year 3 on its December 31 fiscal year-end. Prepare Welton Corporation's journal entries on (a) January 1, Year 1; (b) December 31, Year 1; (d) December 31, Year 2; and (d) December 31, Year 3. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) No 1 2 3 4 Transaction (a) (b) (c) (d) Cash Notes Payable (long-term) General Journal Interest Expense Notes Payable (long-term) Cash Interest Expense Notes Payable (long-term) Cash Interest Expense Notes Payable (long-term) Cash Answer is not complete. 000 000 000 Debit 17,000 Credit 17,000
Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corporation's installment note that has original principal of $17,000, interest of 6% compounded annually, and a term of 3 years. Welton Corporation established the note on the first day of its fiscal year and will fully repay the note by the end of year 3 on its December 31 fiscal year-end. Prepare Welton Corporation's journal entries on (a) January 1, Year 1; (b) December 31, Year 1; (d) December 31, Year 2; and (d) December 31, Year 3. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) No 1 2 3 4 Transaction (a) (b) (c) (d) Cash Notes Payable (long-term) General Journal Interest Expense Notes Payable (long-term) Cash Interest Expense Notes Payable (long-term) Cash Interest Expense Notes Payable (long-term) Cash Answer is not complete. 000 000 000 Debit 17,000 Credit 17,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 4E: Discounting of Notes Payable On October 30, 2019, Sanchez Company acquired a piece of machinery and...
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