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Purpose: This exercise will illustrate the accounting entries for a long-term note payable.
The Weiss Corporation issued a $400,000, 10%, 10-year mortgage note on December 31, 2013. The terms provide for semiannual installment payments of $32,097.03 on June 30 and December 31. The note along with $80,000 cash was given in exchange for a new building. The accounting period is the calendar year.
Instructions
Prepare the journal entries to record:
(a) The acquisition of the building and inception of the mortgage loan payable.
(b) The first mortgage payment on June 30, 2014.
(c) The second mortgage payment on December 31, 2014.
P&J Chase Company sells $500,000 of 10% bonds on November 1, 2007. The bonds pay interest on May 1 and November 1 and are to yield 12%. The due date on the bonds is May 1, 2011. The accounting period is the calendar year.
On 6/30/12, a company recorded a journal entry for the coupon payment on its bond. As part of the journal entry, the company debited bonds payable. Which of the following is true regarding this journal entry?
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