Oriole Company receives $339,600 when it issues a $339,600, 10% mortgage note payable to finance the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Oriole Company receives $339,600 when it issues a $339,600, 10% mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $56,600 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Date Dec. 31, 2022 Cash Mortgage Payable Dec. 31, 2023 Mortgage Payable Cash Interest Expense Dec. 31, 2024 Mortgage Payable Cash 339600 22640 33960 24904 Insurance Expense 31696 339600 56600 56600 Oriole Company receives $339,600 when it issues a $339,600, 10% mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $56,600 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Date Dec. 31, 2022 Cash Mortgage Payable Dec. 31, 2023 Mortgage Payable Cash Interest Expense Dec. 31, 2024 Mortgage Payable Cash 339600 22640 33960 24904 Insurance Expense 31696 339600 56600 56600
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
at year end the perpetual inventory records of blossom company showed merchandise inventory of 96700 the company determined however that its actual inventory on hand was 94700 record the necessary...
-
Sandhill Company paid $15,000 to purchase equipment on January 1, 2024. Sandhill Company has a December 31 fiscal year end and uses straight-line depreciation. The company estimates the equipment...
-
Burger Prince buys top-grade ground beef for $1.00 per pound. A large sign over the entrance guarantees that the meat is fresh daily. Any leftover meat is sold to the local high school cafeteria for...
-
1. What does the term workforce diversity mean? What are the advantages of a diverse work force? How diverse is the nail salon business? 2. What is meant by the term motivation? To what extent are...
-
1. (2pts) Briefly describe what a lexeme and a token is. 2. (2pts) When can a parse tree be called "fully attributed"? 3. (2pts) Briefly describe the two levels of uses of operational semantics. 4....
-
A concrete block is attached to the gate as shown. If the water level is \(1.3 \mathrm{~m}\) from the bottom of the container, there is no reaction force at \(A\). What would be the reaction force...
-
Using the information from BE19-2, assume this is the only difference between Oxfords pretax financial income and taxable income. Prepare the journal entry to record the income tax expense, deferred...
-
Define the autocratic model. Define attitude and its three main components. Define organizational commitment and its importance. Define job satisfaction and its importance. Describe the two...
-
Let's go back to the Double-R Nutting Company. Suppose that Double-R's bonds have a face value of $69. Its current market-value balance sheet is: Book-Value Balance Sheet Liabilities and Equity Bonds...
-
Byron Books Inc. recently reported $ 6 million of net income. Its EBIT was $ 1 2 . 8 million, and its tax rate was 2 5 % . What was its interest expense? ( Hint: Write out the headings for an income...
-
Megalo Mart sold 1 , 0 0 0 units last month which yielded the income statement below.Sales $ 2 0 , 0 0 0 Variable Expenses 1 2 , 0 0 0 Contribution Margin 8 , 0 0 0 Fixed Expenses 6 , 0 0 0 Net...
-
In 2 0 2 3 , Skylar sold equipment for $ 5 5 , 6 0 0 cash and a $ 5 5 6 , 0 0 0 note due in two years. Skylar's cost of the property was $ 4 4 4 , 8 0 0 , and he had deducted depreciation of $ 2 6 6...
-
Common stock is considered to be one of the most popular investment vehicles for long-term wealth building. Investors earn income from common stock in the form of dividends and/or capital gains. As...
-
Identify a specific academic, governmental, or commercial source of quantitative secondary data that can be used to answer research questions.
-
How does the use of the internet, intranets, and extranets by companies today support their business processes and activities? i) internet: ii) intranets: iii) extranet:
-
A copper rod of length L =18.0 in is to be twisted by torques T (see figure) until the angle of rotation between the ends of the rod is 3.08. (a) If the allowable shear strain in the copper is 0.0006...
-
Calculate the correlations among all numeric variables in Exercise 9.1 using SPSS, or R. (In R read in the data as a data.frame (e.g., theData) and then use (cor(theData). You dont need to attach...
-
What are the strongest single predictors of infant mortality in Exercise 9.2? Exercise 9.2 Calculate the correlations among all numeric variables in Exercise 9.1 using SPSS, or R. (In R read in the...
-
Using one of the online calculators, how large a correlation would you need for the relationships shown in Exercise 9.2 to be significant? (This will involve a bit of trial and error.) Calculate the...
Study smarter with the SolutionInn App