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, 2020. The terms provide for annual installment payments of $50,000 on December 31.
Instructions
Prepare the journal entries to record the mortgage loan and the first two payments.
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2020 Issuance of Note Dec31 Cash300000 Mortgage Pa...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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