Kelso Co. receives $330,000 when it issues a $330,000, 8%, mortgage note payable to finance the construction
Question:
Kelso Co. receives $330,000 when it issues a $330,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2010. The terms provide for semiannual installment payments of $21,123 on June 30 and December 31.
Instructions
Prepare the journal entries to record the mortgage loan and the first two installment payments.
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Issuance of Note 2010 Dec 31 Cash 330000 Mortgage Notes Payable 330000 First Installment Payment 201...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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