Exercise $10-13$ Installment note entries LO C$1$

On January $1,2019,$ Eagle Company borrows $$100,000$ cash by signing a four$-$year, $7\%$

installment note. The note requires four equal payments of $$29,523,$ consisting of

accrued interest and principal on December $31$ of each year from $2019$ through $2022.$

Prepare the journal entries for Eagle to record the note's issuance and each of the four

payments.

Journal entry worksheet

Eagle borrows $$100,000$ cash by signing a four$-$year, $7\%$ installment note.

Record the issuance of the note on January $1,2019.$

Note: Enter debits before credits.