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Homework: Week Seven: Chapter 11: Exercises Save ourse Home Score: 0.21 of 1 pt 5 of 8 (5 complete HW Score: 47.31%, 3.78 of
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Answer #1

Date

Accounts

Debit($)

Credit($)

2016

Building

450,000

Jan 1

Land

150,000

     Mortgage Payable

600,000

(Record of Mortgage Payable on Building and Land)

Jan 31

Interest Expense

137.20

Mortgage Payable

6,500

     Cash

6,637.20

(Record of First Payment on Mortgage Payable)

Feb 29

Interest Expense

138.69

Mortgage Payable

6,498.51

     Cash

6,637.20

(Record of Second Payment on Mortgage Payable)

Date

Beginning Balance

Principal Payment

Interest Expense

Total Payment

Ending Balance

1/1/2016

$         600,000

1/31/2016

$         600,000

$            137.20

$              6,500

$        6,637.20

599,862.80

2/29/2016

599,862.80

138.69

6,498.51

6,637.20

599,724.11

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