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Brief Exercise 10-9 Your answer is partially correct. Try again. Meche Inc. signs a 10-year, 4%, $336,000 mortgage payable on November 30, 2017, to obtain
Brief Exercise 10-9 Your answer is partially correct. Try again. Meche Inc. signs a 10-year, 4%, $336,000 mortgage payable on November 30, 2017, to obtain financing for a new equipment. The terms provide for payments at the end of each month. Prepare the entries to record the mortgage on November 30, 2017, and the first two payments on December 31, 2017, and January 31, 2018, assuming the payment is (a) a fixed principal payment of $2,800, plus interest, and (b) a blended principal and interest payment of $3,402. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275.) (a) Fixed principal payment Date Account Titles and Explanation Debit Credit 2017 Nov. 30 ||Cash 336000 Mortgage Payable 336000 Dec. 31 x Interest Expense Mortgage Payable Cash 2018 Jan. 31 M Interest Expense Mortgage Payable x Cash (b) Blended principal and interest payment Date Account Titles and Explanation Debit Credit 2017 X Nov. 30 v Cash Mortgage Payable Dec. 31 Interest Expense Mortgage Payable x che odds [igt Og DOO Cash 2018 Jan. 31 Interest Expense Mortgage Payable X Cash
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