accounting pro

Weygandt, Accounting Principles, 12e Accounting Principles I & II (AC Gradebook ORION Downloadable eTextbook FULL SCREEN PRINTER VERSION Dreiling Company borrowed $346,500 on January 1, 2017, by issuing a $346,500 10% mortgage note payable. The terms call for annual installment payments of $49,500 on December 31 Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to O decimal places, e.g. 13,250. Credit account titles are automaticalil amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1, 2017 Cash Debit Credit 346500 346500 Mortgage Payable Dec. 31, 2017 Interest Expense 34650 Mortgege Payable 14850 Cash 19500 Dec. 31, 2018 Interest Expense Mortgege Payable Cash OF ACCOUNTS Indicate the amount of mortgage note payable to be reported as a current liability and as a long-term liability at December 31, 2017. (Round answers to 0 decimal places, e.g. 15,2s0.) Current liability Long-term liablitys All Rights Reserved. A Division of John WleyY & Sons Ins