Sunland Resort Corp. issued a 20-year, 6%, $274.000 mortgage note payable to finance the construction of a new building onDecember 31, 2021. The terms provide for semi-annual instalment payments on June 30 and December 31.Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is afixed principal payment of $6.850. (Round answers to O decimal places, eg. 5,276. Credit account titles are automatically indented whenthe 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.)DateAccount Titles and ExplanationDebitCreditIssue of NoteDec.31,2021(Torecord issuance of note.)First Instalment PaymentJune30,2022(Torecord pcon note.)Second Instalment PaymentDec.31,2022(Torecord payment on note.)eTextbook and MediaList of AccountsPrepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is ablended payment of $11,854. (Round answers to O decimal places, eg. 5,276. Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)DateAccount Titles and ExplanationDebitCreditIssue of NoteDec.31.2021(Torecord issuance of note.)First Instalment Payment Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is ablended payment of $11,854. (Round answers to O decimal places, eg. 5,276. Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Date Account Titles and ExplanationDebitCreditIssue of NoteDec.31,2021(Torecord issuance of note.)First Instalment PaymentJune30,2022(Torecord payment on note.)Second Instalment PaymentDec.31,2022(To record payment on note.)eTextbook and MediaList of Accounts

Journal entries shows the recording of transactions during an accounting year and every transaction…

Sunland Resort Corp. issued a 20-year, 6%, $274,000 mortgage note payable to finance the construction of a new building on December 31, 2021. The terms provide for semi-annual instalment payments on June 30 and December 31. Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a foxed principal payment of $6.850. (Round answers to O decimal places, eg. 5,276. 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.) Date Account Titles and Explanation Debit Credit Issue of Note Dec. 31, 2021 (Torecord issuance of note.) First Instalment Payment

Sunland Resort Corp. issued a 20-year, 6%, $274,000 mortgage note payable to finance the construction of a new building on December 31, 2021. The terms provide for semi-annual instalment payments on June 30 and December 31. Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a foxed principal payment of $6.850. (Round answers to O decimal places, eg. 5,276. 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.) Date Account Titles and Explanation Debit Credit Issue of Note Dec. 31, 2021 (Torecord issuance of note.) First Instalment Payment

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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Required information [The following information applies to the questions displayed below.] On January 1, 2024, Bloomfield Enterprises purchases a building for $327,000, paying $57,000 down and borrowing the remaining $270,000, signing a 7%, 10-year mortgage. Installment payments of $3,134.93 are due at the end of each month, with the first payment due on January 31, 2024. 3-a. Record the first monthly mortgage payment on January 31, 2024. 3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? Answer is not complete. Complete this question by entering your answers in the tabs below. Req 3a Req 3b Record the first monthly mortgage payment on January 31, 2024. (If no entry is required for select "No Journal Entry Required" in the first account field. Do not round intermediate calcul to 2 decimal places.) No Date General Journal 1 January 31, 2024 Interest Expense Notes Payable Cash Debit 1,559.93( 1,575.00
Muffin Co. issues an $800,000, 10%, 10-year mortgage note on December 31, 2019, to obtain financing for a new building. The terms provide for semiannual installment payments of $64,194. Instructions Prepare two entrles to record the mortgage loan on December 31, 2019, and the first installment payment. Essay Toolbar navigation B I U S
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Subject : Accounting
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[The following information applies to the questions displayed below] On January 1, 2021, Gundy Enterprises purchases an office building for $162,000, paying $42,000 down and borrowing the remaining $120,000, signing a 8%, 10-year mortgage Installment payments of $1,455.93 are due at the end of each month, with the first payment due on January 31, 2021. 3-a. Record the first monthly mortgage payment on January 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet Record the first monthly mortgage payment.