Oriole Inc. issues a $396.000, 10-year, 6% mortgage note payable on November 30, 2021. to obtain financing for a new building. The terms provide for monthly installment payments.
Oriole Inc. issues a $396.000, 10-year, 6% mortgage note payable on November 30, 2021. to obtain financing for a new building. The terms provide for monthly installment payments.
Prepare the journal entries to record the mortgage loan on November 30, 2021, and the first two payments on December 31. 2021, and January 31, 2022, assuming the payment is a fixed principal payment of $3,300.
Homework Answers
Journal entries
| Date | General Journal | Debit | Credit |
| Nov 30 | Cash | 396000 | |
| Mortgage note payable | 396000 | ||
| (To record issuance of note) | |||
| Dec 31 | Mortgage note payable | 3300 | |
| Interest expense (396000*6%*1/12) | 1980 | ||
| Cash | 5280 | ||
| (To record payment of installment) | |||
| Jan 31 | Mortgage note payable | 3300 | |
| Interest expense (392700*6%*1/12) | 1964 | ||
| Cash | 5264 | ||
| (To record payment of installment) | |||
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