Blue Spruce Corp. issues an $880,000, 15%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $175,342. Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
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Blue Spruce Corp. issues an $880,000, 15%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $175,342.
Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record
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- Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.Cullumber Inc. issues an $740,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $110,000. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit CreditProxy Inc. issues a $1,300,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $211,569.Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Dec. 31, 2021
- Larkspur, Inc. receives $260,400 when it issues a $260,400, 10% mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $43,400 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2023 Dec. 31, 2024Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $130,196.Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. what is the account title or explanation? what is debit or credited ?Metlock Co. receives $380,000 when it issues a $380,000, 15%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of $69,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Dec. 31, 2020 V Dec. 31, 2021 Dec. 31, 2022 Cash Mortgage Payable Interest pense Mortgage Payable Cash Interest Expense Mortgage Payable Cash Current Liabilities Mortgage Payable Mortgage Payable METLOCK CO. Balance Sheet (Partial) December 31, 2022 Liabilities and Stockholders' Equity $ LA Debit $ 380,000 Calculate and explain how the…
- Hen it issues a $282,000, 10% mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $47,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Dec. 31, 2023 Dec. 31, 2024 Account Titles and Explanation Debit CreditCullumber Company borrowed $313,000 on January 1, 2022, by issuing a $313,000, 10% mortgage note payable. The terms call for annual installment payments of $54,000 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit ILOR CredCullumber Co. receives $248,400 when it issues a $248,400, 10%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of $41,400 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 in the problem.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022 Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022 Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022
- Sunland Company borrowed $760,000 on December 31, 2019, by issuing an $760,000, 9% mortgage note payable. The terms call for annual installment payments of $118,423 on December 31. (a) Your answer is correct. Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to O 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 in the problem. List all debit entries before credit entries.) Date Dec. 31, 2019 ec. 31, 2020 Account Titles and Explanation Cash Mortgage Payable Interest Expense Mortgage Payable Cash Debit 760,000 68400 50023 Credit 760,000 118423Sunland Company borrowed $760,000 on December 31, 2019, by issuing an $760,000, 9% mortgage note payable. The terms call for annual installment payments of $118,423 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment 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 in the problem. List all debit entries before credit entries.)Oriole Company borrowed $790,000 on December 31, 2019, by issuing an $790,000, 9% mortgage note payable. The terms call for annual installment payments of $123,098 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment 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 in the problem. List all debit entries before credit entries.) Date < Account Titles and Explanation Debit Credit