Reference no: EM133127434
Question - On January 1, 2021, Eagle Company borrows $21,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $5,922, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024.
Journal entry worksheet
1: Eagle borrows $21,000 cash by signing a four-year, 5% installment note. Record the issuance of the note on January 1, 2021.
2: Record the payment of the first installment payment of interest and principal on December 31, 2021.
3: Record the payment of the second installment payment of interest and principal on December 31, 2022.
4: Record the payment of the third installment payment of interest and principal on December 31, 2023.
5: Record the payment of the fourth installment payment of interest and principal on December 31, 2024. (Hint: Make sure that the balance in Notes payable is $0 after this entry.)
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