Return to Blackboard Weygandt, Accounting Principles, 12e Hele I System Announce

Question

Return to Blackboard Weygandt, Accounting Principles, 12e Hele I System Announcements &1 Unread PRINTER VERSION BACK Brief Exercise 165 10%, 10-year mortgage note on December 31, 2017, to obtain financing for new bulding. The terms provide for anal installment payments or Proxy Inc. issues a $1,300,000, $211,369 mmork Prepare the entry to record the mortgage loan on December 31, 2017, and the first installment payment on December 31, 2018 when the amount is entered. Do not indent manually.) .(Credit account titles are automatically indented mn)Date Acount Titles and Explanation 12-4 Debit Credit Dec.31, 2017 Dec. 31, 2018 153 Click if you would like to Show Work for this question: 9 show Work sults by Question Attempts: 0 of 15 used SAVE FOR LATER 917/2018

Explanation / Answer

Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Cash $1,300,000 Mortgage Payable $1,300,000 Dec. 31, 2018 Interest Payable ($1,300,000 x 10%) $130,000 Mortgage Payable ($211,569 - $130,000) $81,569 Cash $211,569

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