Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. \begin{tabular}{|c|c|c|c|} \hline date & accou

\begin{tabular}{|c|c|c|c|} \hline Date & Account Titles and Explanation & Debit & Credit \\ \hline c....

80.2K

Verified Solution

Question

Accounting

image
image
image
\begin{tabular}{|c|c|c|c|} \hline Date & Account Titles and Explanation & Debit & Credit \\ \hline c. 31,2020 & Cash & 1000000 & \\ \hline & Mortgage Payable & & 10000 \\ \hline \multirow[t]{3}{*}{=31,2021} & Interest Expense & 80000 & \\ \hline & Mortgage Payable & 70000 & \\ \hline & Canh & & 1500 \\ \hline \multirow[t]{3}{*}{31.2022} & Interest Expense & 93000 & \\ \hline & Mortgage Payable & 57000 & \\ \hline & Cash & & 150C \\ \hline \end{tabular} Indicate the amount of mortgage note payable to be reported as a current liability and as a long-term liability at December 31. 2022. (Round onswers to 0 decimal places, es. 15,250.) Current liability Long-term liability Lucky Company borrowed $1,000,000 on December 31,2020 , by issuing $1,000,000,8% mortgage note payable. The terms call for annual installment payments of $150,000 on December 31 . Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to 0 decimal places. es. 15,250. Credit account titles are outornatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount tittes and enter ofor the amounts.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

Your acid has a pka of 7.54 and a concentration of 0.084M.        You are given...

Physics
1.2K views

Question 5. The 2.50 µc point charges are located on the x-axis. One is at x...

Psychology
1.2K views

QUESTION 41 Philip Zimbardo devised a simulated prison and randomly assigned college students to serve as prisoners...

Biology
1.2K views

I Disorde Assume in the questions below that the affected individual has an autosomal recessive...

Geometry
1.2K views

3 3 2 The surface area of the rectangular container pictured is 216 square feet...

Geometry
1.2K views

6 An observer is 120 feet from the base of a television tower which is...

Statistics
1.2K views

5 2 pts Round 1 99364 to a the nearest tenth b three decimal plac

Accounting
1.2K views

Peng Company is considering an investment expected to generate an average...

Accounting
1.2K views

The average annual management salary at Iyov Management is $100,000. If the average turnover rate...

Accounting
1.2K views

First Landing Golf Club Trial Balance December...

Finance
1.2K views

can you please solve this ? You sold short 250 shares of common...

Finance
1.2K views

Calculate the cash flows associated with changes in working capital for the first five years...