Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the...
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.)
Homework Answers
Dec. 31 | Cash | 240,000 | |
Mortgage notes payable | 240,000 | ||
Jun. 30 | Interest expense $240,000 x 10% x 6/12 = $12,000 | 12,000 | |
Mortgage notes payable | 4,000 | ||
Cash | 16,000 |
Add Answer to:
Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the...
Carla Vista Co. receives $354,000 when it issues a $354,000, 10%, mortgage note payable to finance...
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...
Carla Vista Co. receives $360,000 when it issues a $360,000, 10%, mortgage note payable to finance...
Carla Vista Co. receives $360,000 when it issues a $360,000,
10%, mortgage note payable to finance the construction of a
building at December 31, 2022. The terms provide for annual
installment payments of $60,000 on December 31.
Prepare the journal entry to record the mortgage loan.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31, 2022
enter an account title for the journal entry on December...
Sheridan Company receives $276,000 when it issues a $276,000, 10%, mortgage note payable to finance the...
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...
Cullumber Company receives S385,000 when it issues a $385,000, 5%, mortgage note payable to finance the...
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...
Exercise 10-24 Cullumber Company receives $385,000 when it issues a $385,000, 6%, mortgage note payable to...
Exercise 10-24 Cullumber Company receives $385,000 when it issues a $385,000, 6%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $39,641 on December 31.
Crane Company receives $246,000 when it issues a $246,000, 10%, mortgage note payable to finance the...
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...
Sergei Corporation issues a $2,000, 000, 5%, 10- year mortgage note payable on December 31, 2020,...
Sergei Corporation issues a $2,000, 000, 5%, 10- year mortgage note payable on December 31, 2020, to obtain needed financing for the construction of a building addition. The terms provide for semi-annual installment payments of $147,164 on June 30 and December 31 Prepare the journal entries to: 1) record the mortgage loan on December 31, 2020, and 2) the first installment payment on June 30, 2021 Instructions:
Cullumber Company receives $ 385,000 when it issues a $ 385,000, 8%, mortgage note payable to finance...
Cullumber Company receives $ 385,000 when it issues a $ 385,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $ 44,979 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 Cash Payment Interest Expense Reduction of Principal Principal Balance Issue date $ enter a dollar amount rounded to 0 decimal...
Exercise 10-29 (Part Level Submission) Blossom Company receives $378,000 when it issues a $378,000, 10%, mortgage n...
Exercise 10-29 (Part Level Submission) Blossom Company receives $378,000 when it issues a $378,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $63,000 on December 31. (al) Your answer is partially correct. Try again. 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 0 378000 12/31/23 63000 22680 40320...
Exercise 10-29 (Part Level Submission) Crane Company receives $246,000 when it issues a $246,000, 10%, mortgage...
Exercise 10-29 (Part Level Submission) 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. v (1) 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 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO...
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...
Carla Vista Co. receives $360,000 when it issues a $360,000,
10%, mortgage note payable to finance the construction of a
building at December 31, 2022. The terms provide for annual
installment payments of $60,000 on December 31.
Prepare the journal entry to record the mortgage loan.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31, 2022
enter an account title for the journal entry on December...
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...
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...
Exercise 10-24 Cullumber Company receives $385,000 when it issues a $385,000, 6%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $39,641 on December 31.
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...
Sergei Corporation issues a $2,000, 000, 5%, 10- year mortgage note payable on December 31, 2020, to obtain needed financing for the construction of a building addition. The terms provide for semi-annual installment payments of $147,164 on June 30 and December 31 Prepare the journal entries to: 1) record the mortgage loan on December 31, 2020, and 2) the first installment payment on June 30, 2021 Instructions:
Exercise 10-29 (Part Level Submission) Blossom Company receives $378,000 when it issues a $378,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $63,000 on December 31. (al) Your answer is partially correct. Try again. 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 0 378000 12/31/23 63000 22680 40320...
Exercise 10-29 (Part Level Submission) 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. v (1) 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 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO...
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