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Blossom Inc issues a $300,000, 10 year, 6% mortgage note payable on November 30, 2021, to obtain financing for a new building. The terms provide

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Blossom Inc issues a $300,000, 10 year, 6% mortgage note payable on November 30, 2021, to obtain financing for a new building. The terms provide for monthly instalment payments. Prepare the journal entries to record the mortgage loan on November 30, 2021, and the first two payments on December 31, 2021, and January 31, 2022, assuming the payment is a fixed principal payment of $2,500. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and entero for the amounts Round answers to decimal places, eg. 5,275) Debit Credit Date Account Titles and Explanation Nov. 30, 2021 (To record issuance of note.) Dec 31, 2021

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