June 2012
Beginner
548 pages
15h 16m
English
book
Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Content preview from Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
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EXERCISE 10-10
| Purpose: | (L.O. 7) This exercise will illustrate the accounting entries for a long-term note payable. |
The Agron Feelgood Clinic issued a $400,000, 10%, 10-year mortgage note on December 31, 2013. The terms provide for semiannual installment payments of $32,097.03 on June 30 and December 31. The note along with $80,000 cash was given in exchange for a new building.
Instructions
Prepare the journal entries to record:
- (a) The acquisition of the building and inception of the mortgage loan payable.
- (b) The first mortgage payment on June 30, 2014.
- (c) The second mortgage payment on December 31, 2014.
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