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) Your Answer Correct Answer (Used) Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment 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" the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)
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) Your Answer Correct Answer (Used) Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment 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" the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)
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
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 4E: Discounting of Notes Payable On October 30, 2019, Sanchez Company acquired a piece of machinery and...
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Question
![(b)
Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a
blended payment of $15,157. (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
Cred](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15c83c94-5314-4a21-9e70-4aa8e53c29f2%2F932c232c-127b-44e2-bbe2-8a582f8b7f79%2Fbw4615h_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(b)
Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a
blended payment of $15,157. (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
Cred
![Current Attempt in Progress
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)
Your Answer Correct Answer (Used)
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
Dec. 31, 2024
June 30, 2025 V
Account Titles
Issue of Note
Cash
Mortgage Note Payable
First Instalment Payment
Interest Expense
Mortgage Note Payable
Cash
Debit
300,000
12,000
7,500
Cred](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15c83c94-5314-4a21-9e70-4aa8e53c29f2%2F932c232c-127b-44e2-bbe2-8a582f8b7f79%2Foixfw5l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Current Attempt in Progress
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)
Your Answer Correct Answer (Used)
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
Dec. 31, 2024
June 30, 2025 V
Account Titles
Issue of Note
Cash
Mortgage Note Payable
First Instalment Payment
Interest Expense
Mortgage Note Payable
Cash
Debit
300,000
12,000
7,500
Cred
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