How to record ( signing an 8%, 15-year mortgage) in the general entries? it is record...

How to record ( signing an 8%, 15-year mortgage) in the general entries?

it is record as (bonds payable or retained earnings or what exactly?

Solutions

Expert Solution

The signing of mortgage will be recorded as:
Debit to cash and Credit to Mortgage Payable.
For examples if $100000 of mortgage is signed, entry will be:
Cash	100000
Mortgage Payable		100000

ekkarill92 answered 2 years ago

Next > < Previous

Related Solutions

Record February transactions in the General Journal and post to the General Ledger. Record adjusting entries...

Record February transactions in the General Journal and post to the General Ledger. Record adjusting entries for February in the General Journal and post to the General Ledger. Prepare the adjusted trial balance as of February 28 Prepare the following February financial statements: a) Income Statement for month ended February 28 b) Statement of Stockholders Equity for month ended February 28 c) Balance Sheet as of February 28 d) Statement of Cash Flows for month ended February 28 Record February...

1.Record the adjusting entries in the general journal (transactions 1-3). 2.Record the closing entries in the...

1.Record the adjusting entries in the general journal (transactions 1-3). 2.Record the closing entries in the general journal (transactions 4-7). 3.Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. 4.Prepare a post-closing trial balance. Complete the worksheet. At Home Pet Grooming Service Worksheet Month Ended December 31, 2019 Trial Balance Adjustments Adjusted Trail Balance Income Statement Balance Sheet Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit...

Prepare the general journal entries to record the above transactions.

Read each of the following transactions A). The cash sales per a register tape were $593 The cash count is $559 B). The cash sales per a register tape were $9,400 The cash count is $8,910. Prepare the general journal entries to record the above transactions.

Prepare entries in general journal form to record the following transactions in General Fund general ledger...

Prepare entries in general journal form to record the following transactions in General Fund general ledger accounts for fiscal year 2019. Use modified accrual accounting for the General fund only -The legal budget for the year provided for $900,000 of estimated revenues, $800,000 appropriations, and $50,000 transfer out to debt service fund. -Issued $ 250,000 of purchase orders outstanding for office supplies. -Property taxes were levied in the amount of $400,000. It is estimated that 2 percent of the taxes...

Prepare general journal entries on December 31 to record thefollowing unrelated year- end adjustments.a....

Prepare general journal entries on December 31 to record the following unrelated year- end adjustments.a. Estimated depreciation on office equipment for the year, $4,000.b. The prepaid insurance account has a $3,680 debit balance before adjustment. An examination of insurance policies shows $950 of insurance expired.c. The prepaid insurance account has a $2,400 debit balance before adjustment. An examination of insurance policies shows $600 of unexpired insurance.d. The company has three office employees who each earn $100 per day for a...

prepare general journal entries on Dec 31 to record the following unrelated year end adjustments. a....

prepare general journal entries on Dec 31 to record the following unrelated year end adjustments. a. On October 1, the company received 4 months rent in advance from a tenant whose rent is $650 per month. The $2,000 was credited to the Unearned Rent account. b.) The prepaid insurance account has a $5,200 debit balance before adjustment. An examination of insurance policies shows $800 of unexpired insurance. c.) The company collects rent revenue monthly from its tenants. One tenant whose...

02/15 EFT1 Record payment to Receiver General for January’s source deductions by EFT. Record in General...

02/15 EFT1 Record payment to Receiver General for January’s source deductions by EFT. Record in General Journal 02/16 CR3 Received payment in full from Oban Inc. 02/17 INV5 Sent a bill for $7,500 to St. Andrews Inc. terms n30. * 02/17 INV6 Sent a bill for $6,500 to Mull Inc. terms n30. * 02/18 CR4 Received payment in full for INV2 from Celebrity Fashions. 02/21 INV7 Sent a bill for $8,000 to Oban Inc. terms n/30 * 02/28 INV8 Sent...

Record entries in general journal form to record the following: Established a Petty Cash Fund, $100....

Record entries in general journal form to record the following: Established a Petty Cash Fund, $100. Issued Ck. No. 587. Reimbursed the Petty Cash Fund for expenditures of $89: Store Supplies, $39; Office Supplies, $20; Miscellaneous Expense, $30. Issued Ck. No. 595. Increased the amount of the fund by an additional $75. Issued Ck. No. 597. Reimbursed the Petty Cash Fund for expenditures of $97.50: Store Supplies, $36.50; Delivery Expense, $41.00; Miscellaneous Expense, $20.00. Issued Ck. No. 599. If an...

Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated...

Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated depreciation on office equipment for the year, SAR 2,000 b. The Prepaid Insurance account has a SAR 2,500 debit balance before adjustment. An examination of insurance policies shows SAR 350 of insurance expired c. The Prepaid Insurance account has a SAR 1,400 debit balance before adjustment. An examination of insurance policies shows SAR 400 of unexpired insurance d. The company has three office employees...

You bought a house 8 years ago with a $250,000 mortgage. It was a 15 year loan with

You bought a house 8 years ago with a $250,000 mortgage. It was a 15 year loan with monthly payments which will pay off the loan when you make the last payment. The interest rate was 6%. What are your monthly payment and your current loan balance? How much interest will you pay in the upcoming year?

Subjects