4 The following instalment payment schedule is for an instalment note payable: 5 6 Cash...
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Accounting
4 The following instalment payment schedule is for an instalment note payable: 5 6 Cash Payment Interest Expense Reduction of Principal Principal Balance 7 Interest Period 8 Jan. 1, 2021 $ 172,000 9 July 1, 2021 $ 28,380 $ 6,880 $ 21,500 150,500 10 11 Jan. 1, 2022 27,520 6,020 21,500 129,000 12 July 1, 2022 26,660 5,160 21,500 107,500 13 Jan. 1, 2023 25,800 4,300 21,500 86,000 14 15 16 Prepare journal entries to record 1) the instalment note payable on the date of issue (1 mark), and 2) the entry for January 1, 2022 instalment payment (3 marks). Date Account Name Debit Credit Part C: Prepare the company's partial balance sheet (liability section ONLY) at April 30, 2022.(4 marks) Balance Sheet
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