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Wildhorse Co. receives $390,000 when it issues a $390,000,10%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms
Wildhorse Co. receives $390,000 when it issues a $390,000,10%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of $67,000 on December 31 . (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account tities are automatically indented when amount is enterea. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts. List all debit entries before credit entries. Do not indent manually. Record joumal entries in the order presented in the probiem) 842/20 Your answer is partially correct. Prepare the joumal entries to record the mortgage loan and the first two installment paydents (Credit sccount titier are outomaticaly indented when demount is entered If no entry is required, select "No Entry" for the occount veles and enter of for bis arownts. List aff debit entries before credit entries. Do not indent mancally. Record joumal entries in the order presented in the peebiem
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