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Cullumber Co. receives $248,400 when it issues a $248,400, 10%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of $41,400 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit  Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022                Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022                        Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022

Cullumber Co. receives $248,400 when it issues a $248,400, 10%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of $41,400 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit  Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022                Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022                        Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cullumber Co. receives $248,400 when it issues a $248,400, 10%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of $41,400 on December 31.

Prepare the journal entries to record the mortgage loan and the first two payments. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date
Account Titles and Explanation
Debit
Credit
 Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022
 
 
 
 
 
 
 
 Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022
 
 
 
 
 
 
 
 
 
 
 
 Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022
 
 
 
 
 
 
 
 
 
 
 
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