M$10-19($Algo$)($Supplement $10$D$)$ Preparing Journal Entries from an Installment Note Amortization

Schedule $[$LO $10-$S$4]$

The following amortization schedule indicates the interest and principal that Chip's Cookie Corporation $($CCC$)$ must repay on an

installment note established January $1,2021.$ CCC has a December $31$ year$-$end and makes the required annual payments on

December $31.$ Use the amortization schedule to prepare CCC$\text{'}$s required journal entries on $($a$)$ January $1,2021$; $($b$)$ December $31,2021$;

$($c$)$ December $31,2022$; $($d$)$ December $31,2023$; and $($e$)$ December $31,2024.($If no entry is required for a transaction$/$event$,$ select $"$No

Journal Entry Required" in the first account field. Do not round intermediate calculations.$)$

Journal entry worksheet

Record the notes payable.

Note: Enter debits before credits.