The company has a mortgage note payable for $1,500,000 that comes due in year 3. this note is paid by the signing of a new 14% note for the amount due. how do I prepare the journal entry to record this refinancing of the old note?
The company has a mortgage note payable for $1,500,000 that comes due in year 3. this note is paid by the signing of a new 14% note for the amount due. how do I prepare the journal entry to record this refinancing of the old note?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The company has a mortgage note payable for $1,500,000 that comes due in year 3. this note is paid by the signing of a new 14% note for the amount due. how do I prepare the
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Step 1
Lets understand the basics.
Journal entry is required to make to record event and transaction that are occured during particular time period. It is a first step of recording event and transaction in books of account.
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