Detwiler Orchard issues a $558,020, 10%, 15-year mortgage note to obtain needed financing for a new lab. The terms call for semiannual payments of $36,300 each. Prepare the entries to record the mortgage loan and the first installment payment

Q: McKoel Corporation has a three​-month, $20,000​, 3​% note receivable from L. Noel that was signed on…

A: Journal: Recording of a business transactions in a chronological order.

Q: unland Resort Corp. issued a 20-year, 6%, $274,000 mortgage note payable to finance the construction…

A: The practice of capturing commercial transactions for the first time in the books of accounts is…

Q: On January 1, 2021, Stoops Entertainment purchases a building for $550,000, paying $10,000 down and…

A: Lets understand the basics. For recording financial event or transaction occur during a particular…

Q: On 1/1/X1, Caldwell Corp. borrowed $450,000 by agreeing to a 9%, 9-year installment note with the…

A: Note means an instrument acknowledging as debt due from one party to another party. Interest bearing…

Q: On January 1, 2021, Julee Enterprises borrows $30,000 to purchase a new Toyota Highlander by…

A: Journal entry for the issuance of notes payable:- Date General Journal Debit Credit Jan 01,…

Q: entry to record the pledge of accounts receivable

A: Pledge is the lien created on some assets so as to forfeit those assets in the event of non-payment…

Q: Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The…

A: Interest = Loan amount x rate of interest x no. of months in calendar year /12 months Loan Payment =…

Q: Nitro-Sort Corporation issues a $350,000, 6%, 15-year mortgage note to obtain needed financing for a…

A: According to the given question Rate of interest for 1 year = 6% Rate of interest of half year…

Q: Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The…

A: Interest = Loan amount x rate of interest x no. of months in calendar year /12 months Loan Payment =…

Q: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank…

A: Interest: Interest is an amount that is paid by the borrower on the use of that borrowed money. In…

Q: Sunland Resort Corp. issued a 20-year, 6%, $274,000 mortgage note payable to finance the…

A: Journal entries shows the recording of transactions during an accounting year and every transaction…

Q: On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $16 million cash to…

A: 1.  Date Account Titles and Explanation Debit Credit November 1, 2021 Cash $16,000,000…

Q: On February 1, 2021, Stealth Trucks sold a diesel rig to Kansas Transports for $250,000, receiving a…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: On April 1, 2020, Rasheed Company assigns $400,000 of its accounts receivable to the Third National…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On January 12021Gundy Enterprises purchases an office building for $184,000, paying $44.000 down and…

A: A mortgage is a loan from the bank or the financial institution that helps the business to purchase…

Q: Nitro-Sort Corporation issues a $350,000, 6%, 15-year mortgage note to obtain needed financing for a…

A: Loan Payment schedule reflects the breakup of each payment into amount paid towards interest and…

Q: On January 1, 2021, Stoops Entertainment purchases a building for $550,000, paying $110,000 down and…

A: Solution 3a: Journal Entries Date Particulars Debit Credit 31-Jan-21 Interest expense…

Q: On July 1, 2020, United Flag Company took out a 15-year loan for $144,000. Principal repayments of…

A: Given information, Loan amount =$144,000 Principal repayments=$9,600 Interest=8% per annum

Q: Pocotalk Electronics issued a $1,000,000, 5%, 10-ycar mortgage note on December 31, 2018. The…

A: 1. Date Cash Paid Interest Expense Principal Installment Balance of payable 31 Dec 18…

Q: On January 1, 2018, King Inc. borrowed $190,000 and signed a 4-year, note payable with a 10%…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On January 1, 2021, Stoops Entertainment purchases a building for $580,000, paying $110,000 down and…

A: Solution: Journal Entries Date Particulars Debit Credit 31-Jan-21 Interest expense…

Q: Blossom Company receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance…

A: Amortization schedule of a mortgage note for two years: AnnualInterestPeriod CashPayment…

Q: Carla Vista Electronics issues a $353,500, 3%, 15-year mortgage note on December 31, 2019. The…

A: The installment payment schedule is one in which the yearly payment for the debt taken and the…

Q: Colt Electronics issues a $600,000, 8%, 10-year mortgage note on December 31, 2010, to help finance…

A:

Q: Larkspur, Inc. receives $260,400 when it issues a $260,400, 10% mortgage note payable to finance the…

A: Journal: Recording of a business transactions in a chronological order.

Q: Solid Bank loaned P5,000,000 to a borrower on January 1, 2018. The terms of the loan require…

A:

Q: Talkington Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2016. The…

A: Following are the requisite Journal Entries

Q: On November 1, 2018, Quantum Technology, a geothermal energy supplier, borrowed $16 million cash to…

A: Requirement 1:

Q: Blue Spruce Corp. issues an $880,000, 15%, 10-year mortgage note on December 31, 2020, to obtain…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank…

A: Given: Loan taken on Sep 20=$680000Annual interest rate =3.4% Payable in =8 months i.e. on May 20

Q: BPI granted a 10-year loan to a borrower in the amount of ₱1,500,000 with stated interest rate of…

A: Notes can be defined as a financial security which provides interest to its holder. To deal in…

Q: Carla Vista Electronics issues a $353,500, 3%, 15-year mortgage note on December 31, 2019. The…

A: Installment schedule

Q: On January 1, 2021, Stoops Entertainment purchases a building for $580,000, paying $110,000 down and…

A: Req-1       Date General Journal Debit Credit         January 01, 2021 Buildings $5,80,000…

Q: On January 1, 2021, Stoops Entertainment purchases a building for $580,000, paying $110,000 down and…

A: Cash paid = $110,000 Notes payable = $470,000 Total purchase price = $580,000

Q: On January 1, 2018, King Inc. borrowed $190,000 and signed a 5- year, note payable with a 10%…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On January 1, 2021, Gundy Enterprises purchases an office building for $184,000, paying $44.000 down…

A: On January 1, 2021 Gundy Enterprises purchases an office building of $184000 Down payment = $44000…

Q: Pickeril Inc. issues a $600,000, 10%, 10-year mortgage note on December 31, 2010, to obtain…

A: Notes Payable:  A note payable is a liability in writing that promises to pay a specific amount of…

Q: Kavra Corporation purchased a building by signing a $150,000 long-term mortgage with monthly…

A: Given, Loan Amount = $ 150,000 Monthly payments  = $ 2,000 Rate of Interest = 12% per annum = 12% /…

Q: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank…

A: A) Computation of Interest due each month: Total interest due for the loan = Loan amount x…

Q: Mewto Bank granted a loan to Mew Company on January 1, 2020. The interest on the loan is 12% payable…

A: The loan borrowing and the cost of loan borrowing has a proper mechanism to calculate the cost…

Q: PELLUCID CLEAR Oo. has a 10%, P2,000,000 loan payable as of December 31, 20x1 which is maturing on…

A: Liability means any amount which a business owes to others, creditors, suppliers etc. Liability can…

Q: Cullumber Co. receives $248,400 when it issues a $248,400, 10%, mortgage note payable to finance the…

A: Date Account Ttiles and Explanation Debit Credit Dec 31,2020 Cash $248,400…

Q: Sandhill Electronics issues a $388,500, 5%, 15-year mortgage note on December 31, 2019. The proceeds…

A: Formulas:

Q: Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The…

A: A mortgage note is a promissory note or document containing terms and conditions of the mortgage. It…

Q: Jem Riane Delos Reyes Bank granted a loan of P3,000,000 to a borrower on January 1, 2021. The terms…

A: given, loan amount = $3000,000 which is not paid for first two years.

Q: Crane Resort Corp. issued a 20-year, 4%, $298,000 mortgage note payable to finance the construction…

A: The question is based on the concept of Financial Accounting.

Q: Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2020, to obtain…

A: Journal entry as at December 31,2020 is as follows:

Q: Novak Corp. receives $375,600 when it issues a $375,600, 10% mortgage note payable to finance the…

A: Mortgage can be referred to as a source of long term financing which is used to finance purchase or…