On March 31, 2020, La Porte Company obtained a 10-year, 5%, $250,000 mortgage loan from a bank to finance the purchase of a warehouse in the future. The terms provide for semi-annual instalment payments on September 30 and March 31.

(a)

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• Correct Answer

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Record the obtaining of the mortgage payable on March 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)

Date	Account Titles and Explanation	Debit	Credit
Mar. 31	enter an account title for the journal entry on Mar. 31	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on Mar. 31	enter a debit amount	enter a credit amount

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List of Accounts

Attempts: 3 of 3 used

(b)

Record the first two instalment payments on September 30, 2020, and March 31, 2021, assuming each payment is $16,037. (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. List all debit entries before credit entries.) Blended principal and interest payment

Payment	Date	Account Titles and Explanation	Debit	Credit
First Instalment	September 30	enter an account title to record the first instalment payments on September 30	enter a debit amount	enter a credit amount
		enter an account title to record the first instalment payments on September 30	enter a debit amount	enter a credit amount
		enter an account title to record the first instalment payments on September 30	enter a debit amount	enter a credit amount
Second Instalment	Mar. 31	enter an account title to record the second instalment payments on Mar. 31	enter a debit amount	enter a credit amount
		enter an account title to record the second instalment payments on Mar. 31	enter a debit amount	enter a credit amount
		enter an account title to record the second instalment payments on Mar. 31	enter a debit amount	enter a credit amount

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