Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Jan 1 | Cash | 303000 | |
| Mortgage notes payable | 303000 | ||
| Dec 31 | Interest expense (303000*10%) | 30300 | |
| Mortgage notes payable | 13700 | ||
| Cash | 44000 | ||
| Dec 31 | Interest expense (289300*10%) | 28930 | |
| Mortgage notes payable | 15070 | ||
| Cash | 44000 | ||
Current liabilities =44000- (303000-13700-15070)*10% = 16577
Long term liabilities = 257653
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Question 15 Stuckey Company borrowed $800,000 on December 31, 2019, by issuing an $800,000, 8% mortgage...
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10%, mortgage note payable to finance the construction of a
building at December 31, 2020. The terms provide for annual
installment payments of $59,000 on December 31.
Prepare the journal entries to record the mortgage loan and the
first two payments. (Round answers to 0 decimal places,
e.g. 15,250. Credit account titles are automatically indented when
amount is entered. Do not indent manually. Record journal entries
in the order presented...
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Problem 15-4A
Talkington Electronics issues a $350,000, 3%, 15-year mortgage
note on December 31, 2016. The proceeds from the note are to be
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provide for annual installment payments, exclusive of real estate
taxes and insurance, of $41,031. Payments are due on December
31.
Prepare an installment payments schedule for the first 4 years.
(Round answers to 0 decimal places, e.g.
15,250.)
Annual Interest Period
Cash Payment
Interest Expense...
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Exercise 15-10 a-b Cullumber Company borrowed $302,000 on January 1, 2020, by issuing a $302,000, 10% mortgage note payable. The terms call for annual installment payments of $43,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments. (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 Debit Credit Indicate the amount of...
Crane Company receives $246,000 when it issues a $246,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $41,000 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 amount...
Exercise 15-10 a-b (Part Level Submission) Pharoah Company borrowed $316,000 on January 1, 2020, by issuing a $316,000, 10% mortgage note payable. The terms call for annual installment payments of $57,000 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (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 and Explanation Debit...
weyganat, Accounting Principes, 13 ctice Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR PULL SCREEN PRINTER VERSION BACK NEXT Question 15 Stuckey Company borrowed $800,000 on December 31, 2019, by issuing an $800,000, 8% mortgage note payable. The terms call for annual installment payments of $119,224 on December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to o decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is...
Carla Vista Co. receives $354,000 when it issues a $354,000,
10%, mortgage note payable to finance the construction of a
building at December 31, 2020. The terms provide for annual
installment payments of $59,000 on December 31.
Prepare the journal entries to record the mortgage loan and the
first two payments. (Round answers to 0 decimal places,
e.g. 15,250. Credit account titles are automatically indented when
amount is entered. Do not indent manually. Record journal entries
in the order presented...
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...
Problem 15-4A
Talkington Electronics issues a $350,000, 3%, 15-year mortgage
note on December 31, 2016. The proceeds from the note are to be
used in financing a new research laboratory. The terms of the note
provide for annual installment payments, exclusive of real estate
taxes and insurance, of $41,031. Payments are due on December
31.
Prepare an installment payments schedule for the first 4 years.
(Round answers to 0 decimal places, e.g.
15,250.)
Annual Interest Period
Cash Payment
Interest Expense...
Cullumber Company receives S385,000 when it issues a $385,000, 5%, mortgage note payable to finance the construction of a building at December 31, 2017·The terms provide for annual istallment payments of $37,092 on December 31. Prepare an amortization schedule of a mortgage note for two years. (Round answers to 0 decimal places, e.g. 5,275.) Annual Interest Period Paymentxpenseof Principal Balance Cash Interest Principal Issue date 12/31/18 12/31/19 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO SKILAR EXERCİSE Prepare the journal...
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