Is my solutions correct? I got help from another Bartleby expert and filled out the journal entries, but just double checking. you maybe the same expert! The $1,794,000 note payable to bank due on April 30, Year 3, is classified as a current liability at December 31, Year 2. The aggregate maturities of mortgages are as follows ($ in thousands): Year Amount Year 3 $2,747 Year 4 849 Year 5 4,003 Year 6 100 Q: The company has a mortgage note payable for $1,794,000 that comes due on April 30, Year 3. Suppose that this note is paid by the signing of a new 14% note for the amount due. Prepare the April 30, Year 3, journal entry to record this refinancing of the old note. Mortgage Note Payable DR $ 1,794,000.00 14% Notes Payable CR $ 1,794,000.00 (being refinancing of the old note) Q: If the company pays the principal along with any remaining interest on April 30, Year 3. Prepare a journal entry to record this cash payment. Cr Cash $ 1,794,000.00 DR Mortgage Notes Payable
Is my solutions correct? I got help from another Bartleby expert and filled out the journal entries, but just double checking. you maybe the same expert! The $1,794,000 note payable to bank due on April 30, Year 3, is classified as a current liability at December 31, Year 2. The aggregate maturities of mortgages are as follows ($ in thousands): Year Amount Year 3 $2,747 Year 4 849 Year 5 4,003 Year 6 100 Q: The company has a mortgage note payable for $1,794,000 that comes due on April 30, Year 3. Suppose that this note is paid by the signing of a new 14% note for the amount due. Prepare the April 30, Year 3, journal entry to record this refinancing of the old note. Mortgage Note Payable DR $ 1,794,000.00 14% Notes Payable CR $ 1,794,000.00 (being refinancing of the old note) Q: If the company pays the principal along with any remaining interest on April 30, Year 3. Prepare a journal entry to record this cash payment. Cr Cash $ 1,794,000.00 DR Mortgage Notes Payable
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterD: Notes Payable And Notes Receivable
Section: Chapter Questions
Problem 2P
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Is my solutions correct? I got help from another Bartleby expert and filled out the journal entries, but just double checking. you maybe the same expert!
The $1,794,000 note payable to bank due on April 30, Year 3, is classified as a current liability at December 31, Year 2. The aggregate maturities of mortgages are as follows | |
($ in thousands): | |
Year | Amount |
Year 3 | $2,747 |
Year 4 | 849 |
Year 5 | 4,003 |
Year 6 | 100 |
Q: The company has a mortgage note payable for $1,794,000 that comes due on April 30, Year 3. Suppose that this note is paid by the signing of a new 14% note for the amount due. Prepare the April 30, Year 3, |
|||
Mortgage Note Payable DR | $ 1,794,000.00 | ||
14% Notes Payable CR | $ 1,794,000.00 | ||
(being refinancing of the old note) | |||
Q: If the company pays the principal along with any remaining interest on April 30, Year 3. Prepare a journal entry to record this cash payment. | |||
Cr Cash | $ 1,794,000.00 | ||
DR Mortgage Notes Payable | $ 1,794,000.00 |
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