Oriole Company borrowed $860,000 on December 31, 2019, by issuing an $860,000, 8% mortgage note payable. The terms call for annual installment payments of $128,165 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to 0 decimal places, eg. 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. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Cre

Oriole Company borrowed $860,000 on December 31, 2019, by issuing an $860,000, 8% mortgage note payable. The terms call for annual installment payments of $128,165 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to 0 decimal places, eg. 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. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Cre

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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