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Exercise 10-5 La Porte Company obtained a 10-year, 5%, $129,000 mortgage loan to finance the purchase of a warehouse at March 31, 2017. The terms
Exercise 10-5 La Porte Company obtained a 10-year, 5%, $129,000 mortgage loan to finance the purchase of a warehouse at March 31, 2017. The terms provide for semi-annual instalment payments on September 30 and March 31. Record the obtaining of the mortgage payable on March 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 SHOW LIST OF ACCOUNTS LINK TO TEXT Record the first two instalment payments on September 30, 2017, and March 31, 2018, assuming the payment is (1) a fixed principal payment of $6,450 plus interest, and (2) a blended principal and interest payment of $8,275. (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (1) Fixed principal payment Payment Account Titles and Explanation Debit Credit Date September 30 First Instalment Second Instalment Mar. 31 (2) Blended principal and interest payment Account Titles and Explanation Debit Credit Payment First Instalment Date September 30 Second Instalment Mar. 31 SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts: Unlimited
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