Homework Answers
Journal entry
| Date | account title and explanation | Debit | Credit |
| Dec 31, 2020 | Cash | 740000 | |
| Mortgage notes payable | 740000 | ||
| Dec 31,2021 | Interest expense (740000*20%) | 148000 | |
| Mortgage notes payable | 2000 | ||
| Cash | 150000 | ||
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Sheridan Inc. issues an $740,000, 20%, 10-year mortgage note on December 31, 2020, to obtain financing...
Larkspur, Inc. issues an $740,000, 15%, 10-year mortgage note on December 31, 2019, to obtain financing...
Larkspur, Inc. issues an $740,000, 15%, 10-year mortgage note on December 31, 2019, to obtain financing for a new building. The terms provide for annual installment payments of $147,447. Prepare the entry to record the mortgage loan on December 31, 2019, and the first installment payment on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Debit...
Brief Exercise 15-07 Wildhorse Inc. issues an $700,000, 20%, 10-year mortgage note on December 31, 2020,...
Brief Exercise 15-07 Wildhorse Inc. issues an $700,000, 20%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $150,000. Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles...
Larkspur, Inc. issues a $510,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing...
Larkspur, Inc. issues a $510,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $83,000. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 Dec. 31, 2023
Larkspur, Inc. issues a $510,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing...
Larkspur, Inc. issues a $510,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $83,000. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 Dec. 31, 2023
Kingbird, Inc. issues a $720,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing...
Kingbird, Inc. issues a $720,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $117,177. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2022 Dec. 31, 2023
Brief Exercise 10-18 Splish Brothers Inc. issues a $680,000, 10%, 10-year mortgage note on December 31,...
Brief Exercise 10-18 Splish Brothers Inc. issues a $680,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $110,667. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2022 Dec. 31,...
Sheridan Company receives $276,000 when it issues a $276,000, 10%, mortgage note payable to finance the...
Sheridan Company receives $276,000 when it issues a $276,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $46,000 on December 31. Prepare an amortization schedule of a mortgage note for two years. Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue date $ 12/31/23 12/31/24 Prepare the journal entry to record the mortgage loan. (Credit account titles are automatically indented when...
CALCULATOR FULL SCREEN PRINTER VERSION BACK M E Brief Exercise 10-14 Windsor, Inc. issues an $735,000, 8%, 10-year...
CALCULATOR FULL SCREEN PRINTER VERSION BACK M E Brief Exercise 10-14 Windsor, Inc. issues an $735,000, 8%, 10-year mortgage note on December 31, 2019, to obtain financing for a new building. The terms provide for annual installment payments of $109,537. Prepare the entry to record the mortgage loan on December 31, 2019, and the first installment payment on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the...
Sergei Corporation issues a $2,000, 000, 5%, 10- year mortgage note payable on December 31, 2020,...
Sergei Corporation issues a $2,000, 000, 5%, 10- year mortgage note payable on December 31, 2020, to obtain needed financing for the construction of a building addition. The terms provide for semi-annual installment payments of $147,164 on June 30 and December 31 Prepare the journal entries to: 1) record the mortgage loan on December 31, 2020, and 2) the first installment payment on June 30, 2021 Instructions:
Sheridan Inc. issues a $336,000, 10-year, 6% mortgage note payable on November 30, 2021, to obtain...
Sheridan Inc. issues a $336,000, 10-year, 6% mortgage note payable on November 30, 2021, to obtain financing for a new building. The terms provide for monthly instalment payments. (a) 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 $2,800. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Larkspur, Inc. issues an $740,000, 15%, 10-year mortgage note on December 31, 2019, to obtain financing for a new building. The terms provide for annual installment payments of $147,447. Prepare the entry to record the mortgage loan on December 31, 2019, and the first installment payment on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Debit...
Brief Exercise 15-07 Wildhorse Inc. issues an $700,000, 20%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $150,000. Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles...
Larkspur, Inc. issues a $510,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $83,000. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 Dec. 31, 2023
Larkspur, Inc. issues a $510,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $83,000. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 Dec. 31, 2023
Kingbird, Inc. issues a $720,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $117,177. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2022 Dec. 31, 2023
Brief Exercise 10-18 Splish Brothers Inc. issues a $680,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $110,667. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2022 Dec. 31,...
Sheridan Company receives $276,000 when it issues a $276,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $46,000 on December 31. Prepare an amortization schedule of a mortgage note for two years. Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue date $ 12/31/23 12/31/24 Prepare the journal entry to record the mortgage loan. (Credit account titles are automatically indented when...
CALCULATOR FULL SCREEN PRINTER VERSION BACK M E Brief Exercise 10-14 Windsor, Inc. issues an $735,000, 8%, 10-year mortgage note on December 31, 2019, to obtain financing for a new building. The terms provide for annual installment payments of $109,537. Prepare the entry to record the mortgage loan on December 31, 2019, and the first installment payment on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the...
Sergei Corporation issues a $2,000, 000, 5%, 10- year mortgage note payable on December 31, 2020, to obtain needed financing for the construction of a building addition. The terms provide for semi-annual installment payments of $147,164 on June 30 and December 31 Prepare the journal entries to: 1) record the mortgage loan on December 31, 2020, and 2) the first installment payment on June 30, 2021 Instructions:
Sheridan Inc. issues a $336,000, 10-year, 6% mortgage note payable on November 30, 2021, to obtain financing for a new building. The terms provide for monthly instalment payments. (a) 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 $2,800. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
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