Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $130,196. Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. what is the account title or explanation? what is debit or credited ?
Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $130,196. Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. what is the account title or explanation? what is debit or credited ?
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...
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Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $130,196.
Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021.
what is the account title or explanation?
what is debit or credited ?
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