Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 30 Jul 2017 My Price 5.00

Hebron Company

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.

 

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.

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 05:07 PM My Price 5.00

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