On January 1st Frooster, Inc. contracts a 4 years loan for 43,000 with 9% interest...
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On January 1st Frooster, Inc. contracts a 4 years loan for 43,000 with 9% interest rate to finance the purchase of a truck The loan will be repaid with monthly installment payments of 1,070.06 the first day of each month, starting from February 1st. 1. Record the purchase of the truck and the loan on the general journal. (10 points) 2. Record on the general journal the payment made on February 1st, March 1st and April 1st. Explain yhe calculations of the amounts recorded. (10 points) 3. Calculate the unpaid principal balance after the payment made on April 1st. (5 points)
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