Loan Payment Tracking
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To record the Income, which is a Credit, choose the Income account best suited to the type of income represented (Crop Revenue, Weaned Calf Income, Crop Insurance Revenue, etc.) Record the income in the third column (credit.) All income is presented on the Income Statement, so attach the class accordingly (usually a Profit Center.) If the total amount of the note payment equals the income, you are finished.. ______________________________________________________ Borchardt National Bank Purchase of 2004 Four-Door Chevy Pickup Origination Date: 1/15/04 Loan Amount: 42,353 Interest (APR): 6 Payment: 10,988.27 Payment Date 3/15/04 6/15/04 9/15/04 12/15/04 Paid Quarterly Principal Payment 10,352.97 10,508.27 10,665.89 10,825.88 Interest Payment 635.30 480.00 322.38 162.39 3.4 Ending Balance 32,000.03 21,491.77 10,825.88 0.00.
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