sQuestion: 1 pt l4 | 50 ot so (46 compile) | | 50 ot 50 (46 complete) This Test

Question

sQuestion: 1 pt l4 | 50 ot so (46 compile) | | 50 ot 50 (46 complete) This Test so pts p n January 1 2016, Bratios Company purchased equpr em ard sgned a sa-year mortgage note for S 3,001 at 15% The note wil be paid it equa arma staliments of $24,574, begirning January 1, 2017. On January 1,2017, the journal entry to record the Frst nstalment payment will incilude a nswer to the nearest whole number.) Round w DAcrodit to Cash for $10 624 B. credt to Mortgage Payable for $93,000 C. debil no Interest Expense for 313,350 D debt to Morgage Payable for S24574

Explanation / Answer

The first instalment due on January 1, 2017 and the amount of instalment = $ 24,574

The journal entry to record the first instalment payment will include, the Interest Expense for the year equal to $ 13,950 ( 15% on $ 93,000) debted.

Therefore, The Answrer is "B" that is Debit to Interest Expense for $ 13,950

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