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Mortgage Payable The following amortization schedule can be used for the January, 20x3 mortgage payment on the 7.0%, 30- year mortgage. Month Payment Interest Principal

Mortgage Payable

The following amortization schedule can be used for the January, 20x3 mortgage payment on the 7.0%, 30- year mortgage.

Month

Payment

Interest

Principal

Balance

January

$3,500

$1,867

$1,633

$320,000

$318,367

Jan 31 The monthly payment for January of the mortgage payable was made.

Required:

What is the correct journal entry for this transaction and why?

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