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Nataly
1 month ago
12

"On January 1, 2019, Eagle Company borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equ

al payments of $29,523, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022."
Required:
Prepare the journal entries for Eagle to record the note's issuance and each of the four payments.
Business
1 answer:
harina [3.8K]1 month ago
4 0

Asientos contables:

   Fecha                  Particulares                                   Debito                     Crédito

Ene. 1, 2019           Efectivo                                           $100,000

                                     Notas Pagaderas                                                 $100,000

Dic. 31, 2019        Gastos por Intereses                           7,000

                             Notas Pagaderas                              22,523

                                     Efectivo                                                                     29,523

Dic. 31, 2020      Gastos por Intereses                           5,423

                             Notas Pagaderas                              24,100

                                     Efectivo                                                                     29,523

Dic. 31, 2021       Gastos por Intereses                            3,736

                             Notas Pagaderas                              25,787

                                     Efectivo                                                                     29,523

Dic. 31, 2022       Gastos por Intereses                            1,931

                             Notas Pagaderas                              27,592

                                     Efectivo                                                                     29,523

Nota: Es importante recordar que los Gastos por Intereses se calculan tomando el Saldo de Notas Pagaderas y multiplicándolo por 7%.

¡Gracias!

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