Question
Detwiler Orchard issues a $730,000, 7%, 15-year mortgage note to obtain needed fianncing for a new lab. The terms call for annual payments of $80,150
Detwiler Orchard issues a $730,000, 7%, 15-year mortgage note to obtain needed fianncing for a new lab. The terms call for annual payments of $80,150 each. Prepare the entires to record the mortgage loan and the first installment payment.
| Account Titles and Explanation | Debit | Credit |
| Cash | 730,000 | |
| Mortgage Payable | 730,000 | |
| Interest Expense | ||
| Mortgage Payable | ||
| Cash | 80,150 |
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Curriculum Auditing
Authors: Fenwick W. English
1st Edition
0877625921, 978-0877625926
