Accounting Question P10-5a?

The Newest Credit Repair Tools We Reviewed


Business Financing: Unlimited Cash Without Personal Guarantees... Reducing Your Personal Liability And Protecting You And Your Family's Assets... Your Success Is Guaranteed! Credit Lines, Cash Credit Sources And Banking Contacts Revealed! Read more of this article...

Here is a solution to overcome damaged credit, remove bad credit evaluations, correct mistakes on your credit reports and improve your credit scores in the shortest amount of time possible! Do It Yourself Credit Repair has never been so easy with this step-by-step system that’s like nothing you’ve ever seen before! Read more of this article...

Student Loans: Did you know that the children of the Congress and the Senate legally don’t have to repay their student loans? Recent government programs have made it possible for you to reduce your monthly payments all the way to zero and even get the government to pay your loans back for you! Read more of this article...

Identity Theft Deterrent gives the exact steps required to make sure you never become a victim. It shows you how the criminal actually gets at the information they need to steal identities and harm your credit standing so that you can bolt the door firmly shut and keep them out! No Monthly Fees! Read more of this article...

Legitimate US Government Grants Source: Helps applicants to apply and receive government funding by offering a private and exclusive portal with a Step-By-Step DIY Guide to Receive Grants, a Daily Grant Watcher for New and Updated Grant Opportunities, and Opportunities to Hire Grant Writers to help you apply for grants! Read more of this article...

Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2010. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $29,433. Payments are due June 30 and December 31.
Prepare installment payments schedule and journal entries for a mortgage note payable.
(SO 7, 8)
Instructions
(a)
Prepare an installment payments schedule for the first 2 years.
(b)
Prepare the entries for (1) the loan and (2) the first two installment payments.
June 30 Mortgage Notes Payable $13,433
(c)
Show how the total mortgage liability should be reported on the balance sheet at December 31, 2011.
Current liability—2011: $29,639

50 Repeat Visitors in the last 1.500 seconds