Dreiling Company borrowed $300,000 on January 1, 2014, by issuing a $300,000, 8% mortgage note payable. The
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Instructions
(a) Prepare the journal entries to record the mortgage loan and the first two installment payments.
(b) Indicate the amount of mortgage note payable to be reported as a current liability and as a long-term liability at December 31, 2014.
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January 1 2014 a Cash 300000 Mortgage Payable 300000 June 30 2014 Intere...View the full answer
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Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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