Jernigan Co. receives $240,000 when it issues a $240,000, 6%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of $33,264 on December 31. Instruction: Prepare the journal entries to record the the first and second installment payments.

Sunland Company borrowed $760,000 on December 31, 2019, by issuing an $760,000, 9% mortgage note payable. The terms call for annual installment payments of $118,423 on December 31. (a) Your answer is correct. Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Dec. 31, 2019 ec. 31, 2020 Account Titles and Explanation Cash Mortgage Payable Interest Expense Mortgage Payable Cash Debit 760,000 68400 50023 Credit 760,000 118423

Subject : Accounting

Sheridan Electronics issues a $376,500, 3%, 10-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $44,137. Payments are due on December 31. Prepare the entries for (1) the loan and (2) the first installment payment.

On June 1, 2023 Stanfield Tileworks accepts a $50,000, five month, 9% note from a customer. On November 1, 2023, Stanfield receives full payment for the note including accrued interest. Please provide the journal entry that results from this payment

Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $41,675. Payments are due on December 31. (a)     Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, e.g. 15,250.) Annual Interest Period   Cash Payment   Interest Expense   Reduction of Principal   Principal Balance Issue Date               $enter a dollar amount  1   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount    enter a dollar amount 2   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount 3   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount 4   enter a dollar amount…

On july 1, Shady creek resort borrowed 290,000 cash by signing a 10 year, 10% installment note requiring equal payments each june 30 of 47,196. what amount of interest expense will be included in the first annual payment?

Crane Resort Corp. issued a 20-year, 4%, $298,000 mortgage note payable to finance the construction of a new building on December 31, 2021. The terms provide for semi-annual instalment payments on June 30 and December 31. a) Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a fixed principal payment of $7,450. (Round answers to 0 decimal places, e.g. 5,276. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit   Issue of Note     Dec. 31, 2021                 (To record issuance of note.)       First Instalment Payment     June 30, 2022                         (To record payment on note.)       Second Instalment Payment     Dec. 31, 2022                         (To record…

Vania Magazines started construction of a warehouse building for its own use at an estimated cost of $5,000,000 on January 1, 2019, and completed the building on December 31, 2019. During the construction period, Vania has the following debt obligations outstanding. Construction loan—12% interest, payable semiannually, issued December 31, 2018   $2,000,000   Short-term loan—10% interest, payable monthly, and principal payable at maturity, on May 30, 2020   1,400,000   Long-term loan—11% interest, payable on January 1 of each year; principal payable on January 1, 2022   1,000,000   Total cost amounted to $5,200,000, and the weighted average of accumulated expenditures was $3,500,000.Jane Esplanade, the president of the company, has been shown the costs associated with this construction project and capitalized on the balance sheet. She is bothered by the “avoidable interest” included in the cost. She argues that, first, all the interest is unavoidable—no one lends money…

Novak Corp. receives $375,600 when it issues a $375,600, 10% mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $62,600 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments.