Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 May 2018 My Price 7.00

issuance of the mortgage

On December 31, 2014, Thomas, Inc. borrowed $850,000 on an elght percent, 15-year mortgage note payable. The note is to be repaid in equal semiannual installments of $49, 156 (payable on June 30 and December 31). Prepare journal entries to reflect (a) the issuance of the mortgage note payable, (b) the payment of the first installment on June 30, 2015, and (c) the payment of the second installment on December 31, 2015. Round amounts to the nearest dollar. General Journal Debit Credit Description Date Dec 31 Borrowed a mortgage note payable. un 30 nterest Expense To record semiannual payment. Dec 3 Mortgage Note Payable To record semiannual payment.

On December 31, 2014, Thomas, Inc. borrowed $850, 000 on an eight percent, 15-year mortgage note payable. The note is to be repaid in equal semiannual installments of $49, 156 (payable on June 30 and December 31). Prepare journal entries to reflect (a) the issuance of the mortgage note payable, (b) the payment of the first installment on June 30, 2015, and (c) the payment of the second installment on December 31, 2015. Round amounts to the nearest dollar.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 May 2018 07:05 PM My Price 7.00

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