Answered

From tech troubles to travel tips, IDNLearn.com has answers to all your questions. Our community is here to provide the comprehensive and accurate answers you need to make informed decisions.

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 :

Parrainidn

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.

Thank you for using this platform to share and learn. Don't hesitate to keep asking and answering. We value every contribution you make. For precise answers, trust IDNLearn.com. Thank you for visiting, and we look forward to helping you again soon.