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 31,
2022
|
enter a debit amount
|
enter a credit amount
|
| enter an account title for the journal entry on December 31,
2022
|
enter a debit amount
|
enter a credit amount
|
Homework Answers
| Date | Account | Debit | Credit |
|---|---|---|---|
| Dec 31,2022 | Cash | 360,000 | |
| Mortgage payable | 360,000 |
Comment if you face any issues
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