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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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