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Dec. 1, 2024: Mortgaged the warehouse for $550,000 cash with Southside Bank. The mortgage requires monthly payments of $7,000. The interest ratethe note is 3%

Dec. 1, 2024: Mortgaged the warehouse for $550,000 cash with Southside Bank. The mortgage requires monthly payments of $7,000. The interest ratethe note is 3% and accrues monthly. The first payment is due on January 1, 2025.DateAccountsDebitCredit2024Dec. 1Cash550,000Mortgage Payable550,000Dec. 31, 2024: Recorded interest accrued on the Southside Bank note.DateAccountsDebitCredit2024Dec. 31

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