Carla Vista Resort Corp. issued a 20-year, 8%, $300,000 mortgage note payable to finance the construction of a new building on December 31, 2024. The terms provide for semi-annual instalment payments on June 30 and December 31. (a) Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a fixed principal payment of $7,500. (Round answers to O decimal places, e.g. 5,276. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles Issue of Note First Instalment Payment Second Instalment Payment Debit 11 Cred
Carla Vista Resort Corp. issued a 20-year, 8%, $300,000 mortgage note payable to finance the construction of a new building on December 31, 2024. The terms provide for semi-annual instalment payments on June 30 and December 31. (a) Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a fixed principal payment of $7,500. (Round answers to O decimal places, e.g. 5,276. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles Issue of Note First Instalment Payment Second Instalment Payment Debit 11 Cred
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 1RE
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![Carla Vista Resort Corp. issued a 20-year, 8%, $300,000 mortgage note payable to finance the construction of a new building on
December 31, 2024. The terms provide for semi-annual instalment payments on June 30 and December 31.
(a)
Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a
fixed principal payment of $7,500. (Round answers to O decimal places, e.g. 5,276. List all debit entries before credit entries. Credit
account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for
the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)
Date
Account Titles
Issue of Note
First Instalment Payment
Second Instalment Payment
Debit
11
Cred](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15c83c94-5314-4a21-9e70-4aa8e53c29f2%2F24e72a5a-2343-4911-b2b6-e7830f47dc8d%2Fg51ylir_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Carla Vista Resort Corp. issued a 20-year, 8%, $300,000 mortgage note payable to finance the construction of a new building on
December 31, 2024. The terms provide for semi-annual instalment payments on June 30 and December 31.
(a)
Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a
fixed principal payment of $7,500. (Round answers to O decimal places, e.g. 5,276. List all debit entries before credit entries. Credit
account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for
the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)
Date
Account Titles
Issue of Note
First Instalment Payment
Second Instalment Payment
Debit
11
Cred
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