Question: please help (: Cucina Corp signed a new installment note on January 1, 2018, and deposited the proceeds of $55,000 in its bank account. The

please help (:
 please help (: Cucina Corp signed a new installment note on
January 1, 2018, and deposited the proceeds of $55,000 in its bank
account. The note has a 3-year term.compounds 6 percent interest annually, and

Cucina Corp signed a new installment note on January 1, 2018, and deposited the proceeds of $55,000 in its bank account. The note has a 3-year term.compounds 6 percent interest annually, and requires an annual installment payment on December 31. Cucina Corp has a December 31 year-end and adjusts its accounts only at year end Required: 1. Use an online application, such as the loan calculator with annual payments at my alculators.com to generate an amortization schedule Enter that information into an amortization schedule with the following headings: Year Beginning Notes Payable Interest Expense, Repaid Principal on Notes Payable, and Ending Notes Payable 2. Prepare the journal entries on ta) January 1, 2018, and December 31 of (6) 2018.(c) 2019, and (d) 2020 3. i Cucina Corp's year-end were March 31, rather than December 31, prepare the adjusting journal entry would make for this note on March 31, 2018? No Date General Journal Debit Credit Jan 01, 2018 55,000 Cash Notes Payable (short-term) 55 000 2 Dec 31, 2018 3,300 3,300 Interest Expense Interest Payable Notes Payable (short-term) Interest Payable Cash 17 276 3,300 20 576 2.263 2,263 Dec 31, 2019 interest Expense Interest Payable Notes Payable (short-term) Interest Payable Cash 18,313 2.263 20.576 4 Dec 31, 2020 1 165 1.165 Interest Expense Interest Payable Notes Payable (long-term) Interest Payable 19 411 1165 3.300 Interest Payable Notes Payable (short-term) Interest Payable 17,276 3,300 20,576 Cash 2.263 3 Dec 31, 2019 2 263 Interest Expense Interest Payable Notes Payable (short-term) Interest Payable Cash 18,313 2.263 20,576 1.165 4 Dec 31, 2020 1165 Interest Expense Interest Payable Notes Payable (long-term) Interest Payable Cash 19411 1 165 20,575

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!