Accounting Lab #9

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 A 1 Name: 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 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 joumal entries in Part 2 Information: Your car loan has monthly payments, the first payment occurring 1 month after loan starts $20,000 principal 24 months or 2 years 0.3750000000% monthly interest or 5% per year 24 total payments $872.96 monthly payment Principal balance end of month 17 Part 1: Complete the amortization table below. Use formulas for calculations/cell references. 18 Accounting Principal balance Monthly Interest Principal 19 Period beginning of month Cash Payment Expense Repayment 20 21 22 23 24 25 26 27 28 29 30 31 10 32 11 33 34 35 36 37 38 39 40 19 41 20 42 21 43 22 44 23 45 24 46 123456789pnQuBEHBa299 47 48 Part 2: Record the journal entry for payments 1 and 2 after you have completed the amortization table. 49 Remember to use Excel efficiently! (That is, don't forget to use cell references for the dollar amounts). Accounts Debit Credit 52 Month 1 53 entry 50 51 Accounts Debit Credit 54 55 56 57 58 59 60 61 62 63 64 Month 2 entry