On January 1, 2010, Zinn Company obtained a $52,000, four-year, 6.5% installment note from Fidelity Bank. The

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On January 1, 2010, Zinn Company obtained a $52,000, four-year, 6.5% installment note from Fidelity Bank. The note requires annual payments of $15,179, beginning on December 31, 2011.

a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 3.

b. Journalize the entries for the issuance of the note and the four annual note payments.

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Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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Question Posted: Dec 11, 2011 05:17 AM

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On January 1, 2010, Zinn Company obtained a $52,000, four-year, 6.5% installment note from Fidelity Bank. The

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a b 2010 Jan 1 Cash 52000 Notes Payable 52000 Issued 52000 of installment notes for cash Dec 31 Inte...View the full answer

Accounting

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