Part C: Please fill in the blanks. Homework 4 urse.com/platform/mmod/quiu/attemp

Question

Part C: Please fill in the blanks.

Homework 4 urse.com/platform/mmod/quiu/attempt.php attept 16991828kpage B Recording and Assessing the Effects of Installment Loans on December 31, 2015. Dehning. Inc. borrowed $500,000 on an 8%, 1 0 year mortgage note payable. The note is to be repaid in equal quarterly installiments of $18.278 (beginning March 31, 2016 a. Prepare journal entries to reflect (1) the issuanice of the mortgage note payable. (2) the payment of the first installment on March 31, 2016, and (3) the payment of the second installment on june 30 2016 Round answers to the nearest whole number. General Journal Debit Credit 12/31/15 Cash 500,000 Mortgage noe, payable # 0 500,000 0.000 8 278 31/16 Interest expers Mortgage note por able 18,278 6r3016 incerest expence 834 Mortgage note payable ; 8444 Cash 8.27 6 8 8

Explanation / Answer

Date Transaction Cash Asset      + Non cash asset          = Liabilities      + Contributed Capital      + Earned capital      & Revenue      - Expenses     = Net Income 12/31/15 Borrowed on mortgage note payable 500000 500000 3/31/16 Payment on Note -18278 -8278 10000 6/30/16 Payment on Note -18278 -8444 9834

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