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?

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 3 years ago

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