PLEASE FILL IN THE BLANKS IN PART C. THIS IS THE SECOND TIME I AM ASKING THIS QU

Question

PLEASE FILL IN THE BLANKS IN PART C. THIS IS THE SECOND TIME I AM ASKING THIS QUESTION BECAUSE THE FIRST ONE WAS ANSWERED INCORRECTLY AND INCOMPLETE.

scourse.com/plstiorm/mod/quic/attempt.php2attempt-16994468page 8 Recording and Assessing the Effects of installment Loans on December 31, 2015. Dehning Inc. borrowed $500000 nn an 8%, 10-year mortage note payable The note is to be repaid in equal quarterly installments of S 18.278 (beginning March 312016 a Prepare journal entries to reflect (1) the issuance of the mortgage note payable. (2) the payment of the first installment on March 31, 2016 and (3) the payment of the second instalment on june 30. 2016. Round answers to the nearest whole number General Journal Dete Description 123r1s Cash Morpge note payable # 0 50,000 3/31/16 Iereur 18278 834 Mortgage note ose, tie 8 444 Cssh 18 278 F9 5 6

Explanation / Answer

Cash + Non cash = Liabilities + Contr. + Earned Assets Capital capital 12/31/15 500000 + = 500000 + + Borrowed on mortgage 3/31/16 -18278 + = -8278 + + -10000 Payment on note 6/30/16 -18278 + = -8444 + + -9834 Payment on note

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