1 Annual interest rate 2 Years 3 payments per year 4 amount 3% Mortgage 30 12 473000 5 6 payment $1,994.19 7 2021 8 Month Monthly Payment Interest principal balance 9 oct N/A 10 nov 1 dec 12 jan 3 feb 14 mar N/A $1,994.19 $1,182.50 $1,994.19 $1,180.47 $1,994.19 $1,178.44 $1,994.19 $1,176.40 $1,994.19 $1,174.35 $811.69 $472,188.31 $813.72 $471,374.60 $815.75 $470,558.85 $817.79 $469,741.06 $819.83 $468,921.22 N/A $473,000.00 You have been asked to prepare the financial statements for Computer Solutions for the year ended December 31, 2021. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements at year end (Round all calculations to the nearest dollar): a. Interest expense on the mortgage is only for two months. Mortgage was taken out on October 1, 2021. Need adjusting entry for (a)
1 Annual interest rate 2 Years 3 payments per year 4 amount 3% Mortgage 30 12 473000 5 6 payment $1,994.19 7 2021 8 Month Monthly Payment Interest principal balance 9 oct N/A 10 nov 1 dec 12 jan 3 feb 14 mar N/A $1,994.19 $1,182.50 $1,994.19 $1,180.47 $1,994.19 $1,178.44 $1,994.19 $1,176.40 $1,994.19 $1,174.35 $811.69 $472,188.31 $813.72 $471,374.60 $815.75 $470,558.85 $817.79 $469,741.06 $819.83 $468,921.22 N/A $473,000.00 You have been asked to prepare the financial statements for Computer Solutions for the year ended December 31, 2021. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements at year end (Round all calculations to the nearest dollar): a. Interest expense on the mortgage is only for two months. Mortgage was taken out on October 1, 2021. Need adjusting entry for (a)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:1 Annual interest rate
2
Years
3
payments per year
4 amount
3%
Mortgage
30
12
473000
5
6 payment
$1,994.19
7
2021
8 Month
Monthly Payment Interest
principal balance
9 oct
N/A
10 nov
1 dec
12 jan
3 feb
14 mar
N/A
$1,994.19 $1,182.50
$1,994.19 $1,180.47
$1,994.19 $1,178.44
$1,994.19 $1,176.40
$1,994.19 $1,174.35
$811.69 $472,188.31
$813.72 $471,374.60
$815.75 $470,558.85
$817.79 $469,741.06
$819.83 $468,921.22
N/A
$473,000.00
Transcribed Image Text:You have been asked to prepare the financial statements for Computer Solutions for the
year ended December 31, 2021. The following additional facts are collected for use in
making adjusting entries prior to preparing financial statements at year end (Round all
calculations to the nearest dollar):
a. Interest expense on the mortgage is only for two months. Mortgage was taken
out on October 1, 2021.
Need adjusting entry for (a)
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