Jernigan Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction
Question:
Jernigan Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide for semiannual installment payments of $25,000 on June 30 and December 31.
Instructions
Prepare the journal entries to record the mortgage loan and the first two installment payments.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (16 reviews)
2014 Issuance of Note Dec 31 Cash 300000 Mortgage Payable 300000 2015 First Instal...View the full answer
Answered By
Rodrigo Louie Rey
I started tutoring in college and have been doing it for about eight years now. I enjoy it because I love to help others learn and expand their understanding of the world. I thoroughly enjoy the "ah-ha" moments that my students have. Interests I enjoy hiking, kayaking, and spending time with my family and friends. Ideal Study Location I prefer to tutor in a quiet place so that my students can focus on what they are learning.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Accounting questions
-
A policymaker is deciding how to finance the construction of a new airport. He can either-pay for it by increasing citizens taxes or by-printing more money. What are some of the short-run and...
-
A policymaker is deciding how to finance the construction of a new airport. He can either pay for it by increasing citizens taxes or by printing more money. What are some of the short-run and...
-
Jernigan Co. receives 240,000 when it issues a 240,000, 6%, mortgage note payable to fi nance the construction of a building at December 31, 2017. The terms provide for annual installment payments of...
-
Suppose that you are holding your toy submarine under the water. You release it and it begins to ascend. The graph models the depth of the submarine as a function of time. What is the domain and...
-
Given the following information, calculate the standard potential for the reaction, FeY- + e- FeY2- where Y is EDTA. FeY_ + e-= Fe2+ + Y4- Fey?-: K, = 2.1 1014 FeY E--0.730 V Kr = 1.3 1025
-
Water flows through a 2.5-cm-ID pipe 1.5 m long at a rate of 1.0 kg/s. The pressure drop is 7 kPa through the 1.5-m length. The pipe wall temperature is maintained at a constant temperature of 50oC...
-
True or false: If you construct a sample by selecting every sixth earthquake depth from the list given in Data Set 16, the result is a simple random sample. Data Set 16: Earthquake Measurements Fifty...
-
Outdoor Life manufactures snowboards. Its cost of making 2,000 bindings is as follows: Direct materials ..............$ 17,550 Direct labor ..............3,400 Variable overhead............ 2,040...
-
Assuming that neutrons are in thermal equilibrium with their surroundings, determine the most probable velocities at the temperature of 557F. Question 2 Determine k eff when the reactivity is equal...
-
Mailin Moon is a freelance writer who submits articles to various magazines and newspapers. She operates out of a small office where she employs one administrative assistant. The following activities...
-
Presented below are three independent situations. 1. Longbine Corporation redeemed $130,000 face value, 12% bonds on June 30, 2014, at 102. The carrying value of the bonds at the redemption date was...
-
Dreiling Company borrowed $300,000 on January 1, 2014, by issuing a $300,000, 8% mortgage note payable. The terms call for semiannual installment payments of $20,000 on June 30 and December 31....
-
1. Can Steve really change the behavior of the operators? 2. How can Steve succeed in getting the operators to say, "Thank you for using MTC"? Should he involve the union in his attempts to do so? 3....
-
Project Ideas (Graded Discussion) In your initial post, share your capstone project idea(s). This is a brainstorming place, so it is okay to share more than one idea and decide on what you want to...
-
a. Create and describe a scenario in which the forces acting on an object are unbalanced. Explain how you know the forces are unbalanced. b. For your scenario, explain how Newton's third law of...
-
John is supervising an employee named Sam. Sam has had 3 different jobs in the last 2 years. When asked what motivates his performance, he answered that money was his biggest motivator. Based on the...
-
The highest grossing film of 1895 was Back to the Future , starring Michael J. Fox and Christopher Llyod. It is now a highly acclaimed cult favorite (and my favorite!) though the script was rejected...
-
While passing the break room, James heard a conversation between various team members regarding after work schedules with kids, weekend plans and a project the group planned to finish by Friday. Many...
-
How was the neoclassical view of the economy, i.e. small firms with no pricing power, inconsistent with reality?
-
Data on weekday exercise time for 20 females, consistent with summary quantities given in the paper An Ecological Momentary Assessment of the Physical Activity and Sedentary Behaviour Patterns of...
-
Using base values of \(20 \mathrm{kVA}\) and 115 volts in zone 3, rework Example 3.4. Example 3.4 Three zones of a single-phase circuit are identified in Figure 3.10(a). The zones are connected by...
-
You and several classmates are studying for the next accounting exam. They ask you to answer the following questions: 1. If cash is borrowed on a 70,000, 9-month, 6% note on August 1, how much...
-
If the Bonds Payable account has a balance of $900,000 and the Discount on Bonds Payable account has a balance of $120,000, what is the carrying value of the bonds?
-
Bond or debt securities pay a stated rate of interest. This rate of interest is dependent on the risk associated with the investment. Also, bond prices change when the risks associated with those...
-
Ethanol with a density of 789 kg/m moves through a constricted pipe in steady, ideal flow. At the lower point shown in the figure below, the pressure is P = 1.85 x 104 Pa, and the pipe diameter is...
-
Lime Industries, Inc. uses 97,820 units of inventory every year. It generally takes seven days for the company to order and receive new inventory. Lime likes to keep an additional seven days of...
-
You are examining a firm after a proposed merger takes place with the information provided: < $ in millions Acquiring Company Target Company Book Value Assets Book Value Equity Book Value Market...
Study smarter with the SolutionInn App