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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Ex 12-11  Entries for installment note transactions                                                    ObJ. 4 On January 1, 2016, Hebron Company issued a $175,000, five-year, 8% installment note to Ventsam Bank. The note requires  annual  payments  of  $43,380,  beginning  on  December 31, 2016. Journalize the entries to record the  following:
2016
Jan.   1.  Issued the note for cash at its face amount.
Dec. 31. Paid the annual payment on the note, which consisted of interest of $14,000 and principal of  $29,830.
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2019
Dec. 31. Paid the annual payment on the note, included $6,253 of interest. The remainder of the payment reduced the principal balance on the note.
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