Mortgage Loan: Mortgage loan is loan which is issued by keeping property or real state as collateral. It is usually secured by pledging fixed assets. The fixed amount of interest is paid on mortgage loan. Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts. Accounting rules for journal entries: To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains. To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains. To prepare: Journal entries.

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Answer 1

Question

Chapter 15, Problem 15.10E

(a)

To determine

Mortgage Loan: Mortgage loan is loan which is issued by keeping property or real state as collateral. It is usually secured by pledging fixed assets. The fixed amount of interest is paid on mortgage loan.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: Journal entries.

(b)

To determine

The amount of mortgage note payable which is to be reported as a current liability and as a long term liability.

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Answer 2

Question

Chapter 15, Problem 15.10E

(a)

To determine

Mortgage Loan: Mortgage loan is loan which is issued by keeping property or real state as collateral. It is usually secured by pledging fixed assets. The fixed amount of interest is paid on mortgage loan.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: Journal entries.

(b)

To determine

The amount of mortgage note payable which is to be reported as a current liability and as a long term liability.

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Answer 3

Question

Chapter 15, Problem 15.10E

(a)

To determine

Mortgage Loan: Mortgage loan is loan which is issued by keeping property or real state as collateral. It is usually secured by pledging fixed assets. The fixed amount of interest is paid on mortgage loan.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: Journal entries.

(b)

To determine

The amount of mortgage note payable which is to be reported as a current liability and as a long term liability.

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Answer 4

Question

Chapter 15, Problem 15.10E

(a)

To determine

Mortgage Loan: Mortgage loan is loan which is issued by keeping property or real state as collateral. It is usually secured by pledging fixed assets. The fixed amount of interest is paid on mortgage loan.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: Journal entries.

(b)

To determine

The amount of mortgage note payable which is to be reported as a current liability and as a long term liability.

Expert Solution & Answer

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Answer 5

Chapter 15, Problem 15.10E

(a)

To determine

Mortgage Loan: Mortgage loan is loan which is issued by keeping property or real state as collateral. It is usually secured by pledging fixed assets. The fixed amount of interest is paid on mortgage loan.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: Journal entries.

(b)

To determine

The amount of mortgage note payable which is to be reported as a current liability and as a long term liability.

Answer 6

Chapter 15, Problem 15.10E

(a)

To determine

Mortgage Loan: Mortgage loan is loan which is issued by keeping property or real state as collateral. It is usually secured by pledging fixed assets. The fixed amount of interest is paid on mortgage loan.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: Journal entries.

Answer 7

Chapter 15, Problem 15.10E

(a)

To determine

Mortgage Loan: Mortgage loan is loan which is issued by keeping property or real state as collateral. It is usually secured by pledging fixed assets. The fixed amount of interest is paid on mortgage loan.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: Journal entries.

Answer 8

(b)

To determine

The amount of mortgage note payable which is to be reported as a current liability and as a long term liability.

Answer 9

(b)

To determine

The amount of mortgage note payable which is to be reported as a current liability and as a long term liability.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 15 - Prob. 1Q Ch. 15 - 2. Contrast the following types of bonds: (a)...Ch. 15 - Prob. 3Q Ch. 15 - Prob. 4Q Ch. 15 - Prob. 5Q Ch. 15 - Prob. 6Q Ch. 15 - Prob. 7Q Ch. 15 - Prob. 8Q Ch. 15 - Prob. 9Q Ch. 15 - Prob. 10Q

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