Loose Leaf For Fundamental Accounting Principles Format: Loose-leaf
24th Edition
ISBN: 9781260158557
Author: Wild
Publisher: Mcgraw Hill Publishers
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Chapter 14, Problem 12E
Installment note amortization table C1
On January 1. 2019, Eagle Company borrows S100=000 cash by signing a four-year, 7°-'o installment note. The note requires four equal payments of 529,523, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note like the one in Exhibit 14.12.
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On January 1, 2021, Eagle Company borrows $15,000 cash by signing a four-year, 7% installment note. The note requires
four equal payments of $4,428, consisting of accrued interest and principal on December 31 of each year from 2021
through 2024.
Exercise 14-13 (Algo) Installment note entries LO C1
"repare the journal entries for Eagle to record the note's issuance and each of the four payments.
Hote: Round your intermediate calculations and final answers to the nearest dollar amount.
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Journal entry worksheet
< 1 2
3 4
Eagle borrows $15,000 cash by signing a four-year, 7% installment note.
Record the issuance of the note on January 1, 2021.
Note: Enter debits before credits.
Date
January 01, 2021
General Journal
Debit
Credit
Jack Frost Inc. issues a $947,698, 10% 5 year notes payable on January 1, 2020. The note will be
repaid in five annual installments of $250,000, each payable at the end of the year (i.e. $250.000 at
the end of 2020, $250,000 at the end of 2021, $250,000 at the end of 2022, $250,000 at the end
of 2023, and $250,000 at the end of 2024). What is the amount of interest expense that should be
recorded by Jack Frost Inc. in the second year (i.e. on the income statement for the year ended
December 31, 2021)? (Round to the nearest dollar)
Answer: $
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Required information
[The following information applies to the questions displayed below]
On January 1, 2021, Eagle Company borrows $26,000 cash by signing a four-year, 8% installment note. The note requires
four equal payments of $7,850, consisting of accrued interest and principal on December 31 of each year from 2021
through 2024.
Prepare an amortization table for this installment note.
Note: Round all amounts to the nearest whole dollar.
Payments
Period Ending (A) Beginning (B) Debit Interest (C) Debit Notes
Balance.
Expense
Payable
Date
2021
2022
2023
2024
Total
$
k
(D) Credit Cash
S
0
(E) Ending
Balance
Chapter 14 Solutions
Loose Leaf For Fundamental Accounting Principles Format: Loose-leaf
Ch. 14 - Prob. 1DQCh. 14 - Prob. 2DQCh. 14 - Prob. 3DQCh. 14 - Prob. 4DQCh. 14 - Prob. 5DQCh. 14 - Prob. 6DQCh. 14 - Prob. 7DQCh. 14 - Explain the concept of accrued interest on bonds...Ch. 14 - Prob. 9DQCh. 14 - Prob. 10DQ
Ch. 14 - Prob. 11DQCh. 14 - Prob. 12DQCh. 14 - Prob. 13DQCh. 14 - Prob. 14DQCh. 14 - Prob. 15DQCh. 14 - Refer to the statements for Google in Appendix A....Ch. 14 - Prob. 17DQCh. 14 - Prob. 18DQCh. 14 - Prob. 19DQCh. 14 - Prob. 1QSCh. 14 - QS 14-2 Issuing bonds at par P1
Dunphy Company...Ch. 14 - QS 14-3 Issuing bonds at par P1
Madrid Company...Ch. 14 - QS 14-4 Recording bond issuance and interest P1 P2...Ch. 14 - QS 14-5 Journalizing discount bond issuance...Ch. 14 - Prob. 6QSCh. 14 - OS 14-6
Straight line: Bond computations...Ch. 14 -
QS 14-8 Recording bond issuance and discount...Ch. 14 - QS 14-9 Straight-Line: Premium bond computations...Ch. 14 - On July 1. Aloha Co. s a call option that...Ch. 14 - Prob. 11QSCh. 14 - Prob. 12QSCh. 14 - Prob. 13QSCh. 14 - Prob. 14QSCh. 14 - Prob. 15QSCh. 14 - Prob. 16QSCh. 14 - Prob. 17QSCh. 14 - Prob. 18QSCh. 14 - QS 14–17C
Recording operating leases
C3
Jin Li,...Ch. 14 - Prob. 20QSCh. 14 - Prob. 1ECh. 14 - Exercise 14-2 Recording bond issuance at par....Ch. 14 - Exercise 14-3 Recording bond issuance and...Ch. 14 - Prob. 4ECh. 14 - Prob. 5ECh. 14 - Prob. 6ECh. 14 - Prob. 7ECh. 14 - Prob. 8ECh. 14 - Prob. 9ECh. 14 - Exercise 14-10 Bond retirement by call option...Ch. 14 - Exercise 14-11 Straight-Line: Bond computations,...Ch. 14 - Installment note amortization table C1 On January...Ch. 14 - Prob. 13ECh. 14 - Prob. 14ECh. 14 - Prob. 15ECh. 14 - Prob. 16ECh. 14 - Prob. 17ECh. 14 - Prob. 18ECh. 14 - Exercise 14-19u Effective Interest: Amortization...Ch. 14 - Prob. 20ECh. 14 - Prob. 21ECh. 14 - Prob. 22ECh. 14 - Prob. 1APSACh. 14 - Prob. 2APSACh. 14 - Prob. 3APSACh. 14 - Prob. 4APSACh. 14 - Prob. 5APSACh. 14 - Prob. 6APSACh. 14 - Prob. 7APSACh. 14 - Prob. 8APSACh. 14 - Prob. 9APSACh. 14 - Problem 14-10AB Effective Interest: Amortization...Ch. 14 - Prob. 11APSACh. 14 - Prob. 12APSACh. 14 - Problem 14-1B Straight-Line: Amortization of bond...Ch. 14 - Prob. 2BPSBCh. 14 - Prob. 3BPSBCh. 14 - Prob. 4BPSBCh. 14 - Prob. 5BPSBCh. 14 - Prob. 6BPSBCh. 14 - Prob. 7BPSBCh. 14 - Prob. 8BPSBCh. 14 - Prob. 9BPSBCh. 14 - Prob. 10BPSBCh. 14 - Prob. 11BPSBCh. 14 - Prob. 12BPSBCh. 14 - Prob. 14SPCh. 14 - Prob. 1AACh. 14 - Prob. 2AACh. 14 - Prob. 3AACh. 14 - Prob. 1BTNCh. 14 - Prob. 2BTNCh. 14 - Prob. 3BTNCh. 14 - Prob. 4BTNCh. 14 - Prob. 5BTNCh. 14 - Prob. 6BTN
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