Question

In: Accounting

The seller's remaining mortgage shown on a closing statement would be shown as Debit to the...

The seller's remaining mortgage shown on a closing statement would be shown as

Debit to the seller, credit to the buyer

Credit to the seller

Credit to the seller, debit to the buyer

Debit to the seller

Solutions

Expert Solution

At closing,seller's remaining mortgage will need to be prorated and should be calculated.Then the seller is charged (debited) for that amount and the buyer is credited (receives) the same amount on the closing statement.

Therefore

Debit to the seller,cred credit to the buyer

ekkarill92 answered 1 year ago
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