You are a dual income, no kids family. You and your spouse have the following debts (total): mortgage, $290,000; auto loan, $15,
1 answer:
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Answer and Explanation:
According to the scenario, computation of the given data are as follow:-
1) The amortization schedule is presented on the attachment below:
2).
Journal Entry
1 Jan Cash A/c Dr. $147,750
To Notes payable A/c $147,750
(Being the cash received is recorded)
31 Dec Interest expense A/c Dr. $10,342.50
Notes payable A/c $33,277.50
To Cash A/c $43,620
(Being the annual payment of installment including interest is recorded)
31 Dec Interest expense A/c Dr. $8,013.08
Notes payable A/c $33,606.93
To Cash A/c $43,620
(Being the annual payment of installment including interest is recorded)
31 Dec Interest expense A/c Dr. $5,520.59
Notes payable A/c $38,099.41
To Cash A/c $43,620
(Being the annual payment of installment including interest is recorded)
31 Dec Interest expense A/c Dr. $2,853.83
Notes payable A/c $40,766.17
To Cash A/c $43,620
(Being the annual payment of installment including interest and setting off liabilities is recorded)
3).
Bryson Company
Income Statement
Particular Amount ($)
Revenue -
Expenses
Less - Interest expense 10,342.50
Less - Other expenses -
Net Income -
