Homework Answers
Entries on March 1 2018 and Dec 1 2018 are recorded below
| Date | Accounts | Debit | Credit |
| March 1 2018 | Cash | $ 400,000.00 | |
| Notes payable | $ 400,000.00 | ||
| (To record issue of notes payable) | |||
| Dec 1 2018 | Cash | $ 450,000.00 | |
| Mortgage payable | $ 450,000.00 | ||
| (To record loan on mortgage) |
The notes payable and mortgage payable are credited because they are both liabilities and will be debited every time the repayment is done.
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I need help with both please.
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