52 34 53 54 29. 29 The annual interest rate on the mortgage payable was 7.00 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. + Information relating to the prepaid insurance may be obtained from the transaction recorded on

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Whats the adjusting entry given Land 16,000.00 Building Cost 85,000.00 Cash 10, 100.00 Mortgage Payable 90,900.00

52
34
53
54
29.
29
The annual interest rate on the mortgage payable was 7.00 percent. Interest expense for one-half
month should be computed because the building and land were purchased and the liability
incurred on June 16.
+
Information relating to the prepaid insurance may be obtained from the transaction recorded on
Transcribed Image Text:52 34 53 54 29. 29 The annual interest rate on the mortgage payable was 7.00 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. + Information relating to the prepaid insurance may be obtained from the transaction recorded on
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