EA&Y, Inc. borrowed $350,000 on January 1, 2022, with a 6% interest rate. It will make a
Question:
EA&Y, Inc. borrowed $350,000 on January 1, 2022, with a 6% interest rate. It will make a payment of $101,007 annually (beginning December 31, 2022) until the note is paid off on December 31, 2025. The company’s fiscal year ends on December 31. The payment includes interest and principal.
Required
a. Prepare the journal entry to record the issuance of the note payable.
b. Prepare the amortization table for the note.
c. What is the journal entry at December 31, 2022?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a At inception we make the following journal entry b The first interest payment is 21000 350000 ...View the full answer
Answered By
Atuga Nichasius
I am a Highly skilled Online Tutor has a Bachelor’s Degree in Engineering as well as seven years of experience tutoring students in high school, bachelors and post graduate levels. I have a solid understanding of all learning styles as well as using asynchronous online platforms for tutoring needs. I individualise tutoring for students according to content tutoring needs assessments.
My strengths include good understanding of all teaching methods and learning styles and I am able to convey material to students in an easy to understand manner. I can also assists students with homework questions and test preparation strategies and I am able to help students in math, gre, business , and statistics
I consider myself to have excellent interpersonal and assessment skills with strong teaching presentation verbal and written communication
I love tutoring. I love doing it. I find it intrinsically satisfying to see the light come on in a student's eyes.
My first math lesson that I taught was when I was 5. My neighbor, still in diapers, kept skipping 4 when counting from 1 to 10. I worked with him until he could get all 10 numbers in a row, and match them up with his fingers.
My students drastically improve under my tutelage, generally seeing a two grade level improvement (F to C, C to A, for example), and all of them get a much clearer understanding!
I am committed to helping my students get the top grades no matter the cost. I will take extra hours with you, repeat myself a thousand times if I have to and guide you to the best of my ability until you understand the concept that I'm teaching you.
2+ Reviews
10+ Question Solved
Related Book For 
Intermediate Accounting
ISBN: 9780136946694
3rd Edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Question Posted:
