Preparation of Journal Entries for Catter Co.

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"Catter Company purchased equipment on November 15, 2008. The company paid $10,000 cash and borrowed the remaining balance of $90,000 from its bank for a period of 10 years at an annual interest rate of 12%. The note is payable in monthly installments of $1,250. a- Prepare a partial amortization table showing the original balance of this note, and the allocation of the first two monthly payments between interest expense and the reduction in the note’s unpaid balance. b- Prepare journal entries on November 15 to record receipt of the note, December 15, January 15 to record the monthly payment, and on December 31 to record the adjusting entry. "
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May 15, 2013
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686.57 KB

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Printable? Yes
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