Sergei Corporation issues a $2,000, 000, 5%, 10- year mortgage note payable on December 31, 2020,...
Sheridan Inc. issues an $740,000, 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 an order presented in the problem.) Date Account Titles and Explanation Debit Credit
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...
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.
Exercise 4- (8 points) Eve Corporation issues a $9.000.000. 5. 20-year morate pote payable on December 31, 2017. to obtain needed finansine for the construction of a building addition terms provide for annual installment payments of $722.183 on December 31 Instructions (a) Prepare the journal entries to record the morteage loan on December 31, 2017. and the first installment payment.
Teal Mountain Inc. issues a $700,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $113,922. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023.
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...
Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2011. The terms provide forsemiannual installment payments of $20,000 on June 30 and December 31.Prepare the journal entries to record the mortgage loan and the first two installment payments. (For multiple debit/credit entries, list amounts from largest tosmallest e.g. 10, 5, 3, 2.)
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