On January 1, $30,000 cash is borrowed from a bank in return for a 12% installment note

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On January 1, $30,000 cash is borrowed from a bank in return for a 12% installment note with 36 monthly payments of $996 each.

(1) Prepare an amortization table for the first three months of this installment note.

(2) Record the entry for issuance of the note. (3) Record the entry for the first interest payment and for the second interest payment.

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Fundamental Accounting Principles

ISBN: 9781260247985

25th Edition

Authors: John J Wild, Ken Shaw

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Question Posted: Oct 27, 2021 02:49 AM

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On January 1, $30,000 cash is borrowed from a bank in return for a 12% installment note

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Fundamental Accounting Principles

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