Homework Answers
a)
| Date | Account Name | Debit | Credit |
| nov30, 2021 | Building | $ 336,000 | |
| Mortgage note payable | $ 336,000 | ||
| Dec31, 2021 | Interest expense ($336,000*6%*1/12) | $ 1,680 | |
| Mortgage note payable | $ 2,800 | ||
| Cash | $ 4,480 | ||
| Jan 31, 2022 | Interest expense (($336,000-$2,800)*6%*1/12) | $ 1,666 | |
| Mortgage note payable | $ 2,800 | ||
| Cash | $ 4,466 |
b)
| Current portion of the note payable at the end of 2021 | $ 8,000 |
| Non-Current portion of the note payable at the end of 2021 | $ 24,000 |
| Current portion of the note payable at the end of 2024 | $ 8,000 |
| Non-Current portion of the note payable at the end of 2024 | $ - |
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