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Adjusting entry - depreciation, note payable
Hi everyone,
I've been trying to understand and figure out how to tackle this, but it just confuses me even more (or maybe I'm overthinking it). If anyone can please explain this to me, and help how how to journalize it that would be appreciated :) .. van was purchased Oct 1 2009. Useful life of 5 years, salvage value of $5000 .. a note was signed for purchase value with 4.5% interest. .. payment is made on first of each month of $362.11 .. in April (current month, and year end), payment is split $23.59 interest, $338.52 for the note Additional info: Trial Balance as of March Vehicle has DR of 15879.56 Accum Dep, Vehicle has CR of 3445.19 Any help at all will be good :) Thanks! |
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