The following amortization schedule indicates the interest and principal that Chip's Cookie Corporation (CCC) must repay on aninstallment note established January 1, 2021. CCC has a December 31 year-end and makes the required annual payments onDecember 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 "NoJournal Entry Required" in the first account field. Do not round intermediate calculations.)Year1234TotalBeginning NotePayable17,00013,1148,9954,629View transaction list1Repaid PrincipalInterest Expense on Note PayableJournal entry worksheetRecord the notes payable.Transaction(a)1,0207875402782,6252 3 4 5Note: Enter debits before credits.General Journal3,8864,1194,3664,62917,000Ending NotePayable13,1148,9954,629DebitCredit The following amortization schedule indicates the interest and principal that Chip's Cookie Corporation (CCC) must repay on aninstallment note established January 1, 2021. CCC has a December 31 year-end and makes the required annual payments onDecember 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 "NoJournal Entry Required" in the first account field. Do not round intermediate calculations.)Year1234TotalBeginning NotePayable17,00013,114View transaction list<8,9954,629Journal entry worksheet1Interest Expense1,0207875402782,6252Transaction(b)3Note: Enter debits before credits.4Repaid Principalon Note Payable3,8864,1194,3664,62917,0005Record the payment on the installment note on December 31, 2021.Ending NotePayableGeneral Journal13,1148,9954,6290DebitCredit>

Annual installment of in cash is given the data i.e., it includes both interest and principal…

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

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

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 16E

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