On December 31, 2018, Watts Corporation borrowed $950,000 on an 8%, 5-year mortgage note payable. The note
Question:
On December 31, 2018, Watts Corporation borrowed $950,000 on an 8%, 5-year mortgage note payable. The note is to be repaid with equal quarterly installments, beginning March 31, 2019.
REQUIRED:
a. Compute the amount of the quarterly installment payment. Use the appropriate table (in Appendix A near the end of the book) or a financial calculator, and round amount to the nearest dollar.
b. Prepare the journal entries (1) to record the borrowing of funds by Watts Corporation on December 31, 2018, (2) to record the installment payment by Watts Corporation on March 31, 2019, and (3) to record the installment payment by Watts Corporation on June 30, 2019.
c. Post the journal entries from part b to their respective T-accounts.
d. Record each of the transactions from part b in the financial statement effects template.
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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
