Your answer is correct.

Prepare an amortization schedule. Assume that the effective$-$interest method is used for amortization purposes. $($Round answers to $0$ decimal places, e$.$g$.5,275.)$

List of Accounts Question $6$ of $7$

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On December $31,2025,$ Novak Inc. rendered services to Beghun Corporation at an agreed price of $\backslash$$$115,826,$ accepting $\backslash (\backslash$$ $45,400\backslash )$ down and agreeing to accept the balance in four equal installments of $\backslash (\backslash$$ $22,700\backslash )$ receivable each December $31.$ An assumed interest rate of $\backslash (11\backslash \%\backslash )$ is imputed.

$($a$1).$

Your answer is correct.

Prepare an amortization schedule. Assume that the effective$-$interest method is used for amortization purposes. $($Round answers to $\backslash ($ O $\backslash )$ decimal places, e$.$g$.5,275.)$

Your answer is correct.

Prepare an amortization schedule. Assume that the effective$-$interest method is used for amortization purposes. $($Round answers to $0$ decimal places, e$.$g$.5,275.)$

List of Accounts

$($a$2)$

Your answer is partially correct.

Prepare the entry that would be recorded by Novak Inc. for the sale on December $31,2025.($Round answers to $0$ decimal places, e$.$g$.5,275.$ If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

Cash

Notes Receivable

Service Revenue

Discount on Notes Receivable

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List of Accounts

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Attempts: $9$ of $12$ used

$($b$)$