Business, 04.05.2021 01:00 AJRo

On January 1, 20Y2, Hebron Company issued a $45,000, 4-year, 8% installment note to Ventsam Bank. The note requires annual payments of $13,586, beginning on December 31, 20Y2. Journalize the entries to record the following:

20Y2
Jan. 1 Issued the note for cash at its face amount.
Dec. 31 Paid the annual payment on the note, which consisted of interest of $3,600 and principal of $9,986.
20Y5
Dec. 31 Paid the annual payment on the note, included interest of $1,006. The remainder of the payment reduced the principal balance on the note.
Issued the note for cash at its face amount. If an amount box does not require an entry, leave it blank.

20Y2 Jan. 1

Paid the annual payment on the note, which consisted of interest of $3,600 and principal of $9,986. If an amount box does not require an entry, leave it blank.

20Y2 Dec. 31

Paid the annual payment on the note, included interest of $1,006. The remainder of the payment reduced the principal balance on the note. If an amount box does not require an entry, leave it blank.

20Y5 Dec. 31

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On January 1, 20Y2, Hebron Company issued a $45,000, 4-year, 8% installment note to Ventsam Bank. Th...

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