Jernigan Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction
Question:
Jernigan Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2019. The terms provide for annual installment payments of $50,000 on December 31.
Instructions
Prepare the journal entries to record the mortgage loan and the first two payments.
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Step by Step Answer:
2019 Issuance of Note Dec 31 Cash 300000 Mortgage Payable 300...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-1119305736
10th edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
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