ACC 213 Lab #9 for Chapter 10 - Installment Notes & Amortization Tables

Instructions: First, complete the amortization table in Part 1 using the information provided.

Once the table is completed, then record the two journal entries in Part 2.

B D E F G H M N o A Name: 1 2 3 4 ACC 213 Lab #9 for Chapter 10 - Installment Notes & Amortization Tables 5 Instructions: First, complete the amortization table in Part 1 using the information provided. Once the table is completed, then record the two journal entries in Part 2. Information: Your car loan has monthly payments, the first payment occurring 1 month after loan start $20,000 principal 24 months 2 years 0.3750000000% monthly interest or 5% per year 24 total payments 6 7 8 9 10 11 12 13 14 15 or $872.96 monthly payment A B B D E F G H M N o Part 1: Complete the amortization table below. Use formulas for calculations cell references. Accounting Principal balance Monthly Interest Principal Principal balance Period beginning of month Cash Payment Expense Repayment end of month 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 42 43 44 45 23 24 46 A B D E F H M N o Part 2: Record the journal entry for payments 1 and 2 after you have completed the amortization table. Remember to use Excel efficiently! (That is, don't forget to use cell references for the dollar amounts). Accounts Debit Credit Month 1 entry 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 Accounts Debit Credit Month 2 entry