On January 1, 2020, a pet store buys a new dog and cat washing station...
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Accounting
On January 1, 2020, a pet store buys a new dog and cat washing station costing $7,000 with an 8.1% installment note. The note will be paid off with payments made at the end of each quarter over two years. Each payment is $956.60.
Complete the installment note schedule below, rounding all numbers to the nearest dollar:
| PERIOD | CASH Payment | INTEREST EXPENSE | Reduction of N/P | N/P Balance |
| 1/1/20 | $7,000 | |||
| 3/31/20 | ||||
| 6/30/20 | ||||
| 9/30/20 | ||||
| 12/31/20 | ||||
| 3/31/21 | ||||
| 6/30/21 | ||||
| 9/30/21 | ||||
| 12/31/21 |
What is the journal entry to record the purchase of the equipment on January 1, 2020?
What is the journal entry for March 31, 2021?
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