Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Help asap please ULL SCREEN PRINTER VERSIUN BACK ILAL Revesz Inc. signs a 10-year, 4%, $246,000 mortgage payable on November 30, 2017, to obtain financing
Help asap please
ULL SCREEN PRINTER VERSIUN BACK ILAL Revesz Inc. signs a 10-year, 4%, $246,000 mortgage payable on November 30, 2017, to obtain financing for a new machinery. 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 $2,050, plus interest, and (b) a blended principal and interest payment of $2,491. (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 5,000 (cash Mortgage Payable Tinterest Expense 246,000 Dec. 31 Mortgage Payable Tcash 2018 _ Tinterest Expense Jan. 31 Interest Expense Mortgage Payable Tcash (b) Blended principal and interest payment Account Titles and Explanation Debit Credit Date 2017 Nov. 30 A Cas 1 JUIN Mortgage Payable Dec. 31 TInterest Expense Mortgage Payable cash 2018 Jan. 31 Interest Expense Mortgage Payable cash
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started