Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppese Underground Metal purchases land and a building for 5198 000 on October 1, 2020. Underground Metal obtains a mortgage at an annual rate of

image text in transcribed

image text in transcribed

Suppese Underground Metal purchases land and a building for 5198 000 on October 1, 2020. Underground Metal obtains a mortgage at an annual rate of 4 percent and will make monthly payments for 30 years. Using the Instalment payment schedule, journalize the entry for the second mortgage payment, which is made on December 1 2020. Click the icon to view the instalment payment schedule.) Complete the journal entry below (Record debits first, then credits. Exclude explanations from journal entrie Instalment Payment Schedule Journal Entry Accounts and Explanations Date Debit Credit Dec 1 Partial Mortgage Instalment Payment Schedule Blended Mortgage Payments A B Blended 4% Interest Mortgage Monthly for the Month Reduction in Balance Mortgage (Preceding D x Principal (Preceding Period Payment 0.04 12) (A-B) D - Current ) Oct 1. 2020 5 199.000 Nov 1, 2020 S 945 S 660 s 285 187.715 Dec 1 2020 945 659 286 197 429 Jan 1 2021 945 658 287 197 142 Choose from any list of enter any number in the input fields and then continue to the next question Instalment Payment Schedule Partial Mortgage Instalment Payment Schedule Blended Mortgage Payments C Blended 4% Interest for the Month Reduction in Monthly Mortgage Payment Mortgage Balance (Preceding 0Currant (Preceding DX 0.04 112) Principal Period O2020 Nov 2020 S +9775 Dec12020 Jan 12021 9.45 658

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Foster George, Srikand M. Datar, Maureen P. Gowing

5th Canadian Edition

0135004934, 978-0135004937

Students also viewed these Accounting questions

Question

Explain the pages in white the expert taxes

Answered: 1 week ago