ACC 213 Lab #9 for Chapter 10 - Installment Notes & Amortization Tables 4 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 starts $27,000 24 principal months monthly interest total payments 2 5% 0.4166666667% 24 years per year $1,184.53 monthly payment 16 17 Part 1: Complete the amortization table below. Use formulas for calculations/cell references. Accounting Principal balance Monthly Interest Principal Period beginning of month Cash Payment Expense Repayment Principal balance end of month 48 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 Accounts Debit Credit Month 2 entry