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Acct 554 Week 1 Assignment

Satisfactory Essays

applied using the Transaction Type “MP,” and the difference will be applied to the Payments Clearing GL (see Principal Payments). EXAMPLE 1: John Member wants to make a payment of $1,000 on his mortgage using the funds from his S001 savings account. His normal mortgage payment amount is $946.11. 1) Enter the normal mortgage payment using the Transaction Type “MP” for $946.11 2) Post the excess to the Payments Clearing GL (#802500-00) for $53.89 3) Be sure to include the necessary information in the GL Comments. (a) (#123456 MEMBER 05/13 PRINCIPAL) 4) Enter the withdrawal from the S001 savings account. EXAMPLE 2: Janice Member just sold her car and received $7,500 in cash, which she would like to use to pay on the principal balance of her mortgage.

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