Homework Answers
| a] | Interest Period | Payment Date | Monthly Payment | Interest Expense | Reduction in Unpaid Balance | Unpaid Balance |
| Issue Date | $ 24,00,000 | |||||
| 1 | 30th Nov 2017 | $ 24,687 | $ 24,000 | $ 687 | $ 23,99,313 | |
| 2 | 31st Dec 2017 | $ 24,687 | $ 23,993 | $ 694 | $ 23,98,619 | |
| 3 | 31st Jan 2018 | $ 24,687 | $ 23,986 | $ 701 | $ 23,97,918 | |
| 4 | 28th Feb 2018 | $ 24,687 | $ 23,979 | $ 708 | $ 23,97,210 | |
| b] | Debit | Credit | ||||
| Interest expense | $ 24,000 | |||||
| Mortgage loan payable | $ 687 | |||||
| Cash | $ 24,687 | |||||
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Answer please
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reduction in the mortgage’s unpaid balance. b. Prepare the journal
entry to record the second monthly payment. c. Will...
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