Answered

Discover answers to your questions with Westonci.ca, the leading Q&A platform that connects you with knowledgeable experts. Join our Q&A platform and connect with professionals ready to provide precise answers to your questions in various areas. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

Pay the first monthly installment of $2,011 related to the $104,000 long-term note payable borrowed in january 1. Round your interest calculation to the nearest dollar

Sagot :

Parrain

The journal entry for the first monthly installment of $2,011 for a $104,000 debt is:

Date             Account title                                       Debit                Credit

                    Note payable                                   $1,491

                    Interest                                              $520

                    Cash                                                                           $2,011

What is the interest on the payment?

The interest is:

= 104,000 x 6%/12 months in year

= $504

The note payable principal repayment will be:

= 2,011 - 520

= $1,491

Find out more on note payable repayment at https://brainly.com/question/25898631.

Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.