On July 1, 2020, Concord Ltd. borrowed $19,500 by signing a two-year, 6% note payable. The...
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On July 1, 2020, Concord Ltd. borrowed $19,500 by signing a two-year, 6% note payable. The note is payable in two annual instalments of $10,636 on June 30. The company records adjusting journal entries annually at year end on December 31. Prepare an instalment payment schedule for the term of the note. (Round answers to the nearest whole dollar e 5255) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal July 1, 2020 June 30, 9466 1170 10636 2021 June 30. 10636 2022 %24 On July 1, 2020, Concord Ltd. borrowed $19,500 by signing a two-year, 6% note payable. The note is payable in two annual instalments of $10,636 on June 30. The company records adjusting journal entries annually at year end on December 31. Prepare an instalment payment schedule for the term of the note. (Round answers to the nearest whole dollar e 5255) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal July 1, 2020 June 30, 9466 1170 10636 2021 June 30. 10636 2022 %24
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Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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