Amethyst Company borrowed $300,000 on January 1, 2012, 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, 2012.
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January 1 2012 a Cash 300000 Mortgage Payable 300000 June 30 2012 Intere...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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