On December 31, 2023, Sheridan Corp. obtained a 10-year, 5%, $171,600 mortgage loan from a bank to finance the purchase of a building in the future. The terms provide for semi-annual instalment payments of principal and interest on June 30 and December 31. (a) Record the obtaining of the mortgage payable on December 31, 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles Dec. 31, 2023 Debit Credit

On December 31, 2023, Sheridan Corp. obtained a 10-year, 5%, $171,600 mortgage loan from a bank to finance the purchase of a building in the future. The terms provide for semi-annual instalment payments of principal and interest on June 30 and December 31. (a) Record the obtaining of the mortgage payable on December 31, 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles Dec. 31, 2023 Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 3MC: On July 1, 2019, Aldrich Company purchased as an available-for-sale security 200,000 face value, 9%...

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On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
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