On January 1, 2023, a pet store buys a new dog and cat washing station costing...
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On January 1, 2023, a pet store buys a new dog and cat washing station costing $5,000 with a 7.3% installment note. The note will be paid off with payments made at the end of each quarter over two years. Each payment is $677. Complete the installment note schedule below. To save time, you can round all number to the nearest dollar (just note if you do some of your calculations for the last payment may need to be "plugged"). _ PERIOD 1/1/23 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 CASH PAYMENT INTEREST EXPENSE REDUCTION OF N/P What is the journal entry to record the purchase of the equipment on January 1, 2023? What is the journal entry for September 30, 2024? N/P BALANCE $5,000 On January 1, 2023, a pet store buys a new dog and cat washing station costing $5,000 with a 7.3% installment note. The note will be paid off with payments made at the end of each quarter over two years. Each payment is $677. Complete the installment note schedule below. To save time, you can round all number to the nearest dollar (just note if you do some of your calculations for the last payment may need to be "plugged"). _ PERIOD 1/1/23 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 CASH PAYMENT INTEREST EXPENSE REDUCTION OF N/P What is the journal entry to record the purchase of the equipment on January 1, 2023? What is the journal entry for September 30, 2024? N/P BALANCE $5,000
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Step 1 Introduction Note payable is one of the liability being incurred in business On this note pay... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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