Entries for Instaliment Note Transactions
On January Year Bryson Company obtained a $ fouryear, installment note from Campbell Bank. The note requires annual payments of $ beginning on December Year
a Prepare an amortization table for this installment note, similar to the one presented in Exhibit
Note: Enter all amounts to the nearest whole dollar. Round Year Interest Expense up or down to ensure the carrying amount is zero at the end of the note term.
Amortization of Installment Notes
tabletableYear EndingDecember tableJanuary Carrying AmounttableNote PaymentCash PaidtableInterest Expense of January Note CarryingAmounttableDecrease InNotes PayabletableDecember Carrying AmountYear $$$$$
Note: For a compound transaction, if an amount box does not require an entry, leave it blank. For the Year entry due to rounding adjust Notes Payable up or down to ensure that debits equal credits.
Year Dec. Interest Expense
