Eaton Inc. issues a $360,000, 10-year, 6% mortgage note payable on November 30, 2013, to obtain financing
Question:
Eaton Inc. issues a $360,000, 10-year, 6% mortgage note payable on November 30, 2013, to obtain financing for a new building. The terms provide for monthly instalment payments. Prepare the journal entries to record the mortgage loan on November 30, 2013, and the first two payments on December 31, 2013, and January 31, 2014, assuming the payment is:
(a) A fixed principal payment of $3,000.
(b) A blended payment of $3,997?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a B C Interest D Monthly Cash Expense A Principal Interest Payment D6 Reduction Balance Period A B 1...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
2+ Reviews
10+ Question Solved
Related Book For 
Principles Of Financial Accounting
ISBN: 9781118757147
1st Canadian Edition
Authors: Jerry J. Weygandt, Michael J. Atkins, Donald E. Kieso, Paul D. Kimmel, Valerie Ann Kinnear, Barbara Trenholm, Joan E. Barlow
Question Posted:
