Problem on accounting for mortgages payable

Assignment Help Accounting Basics

Reference no: EM131820054

Question: Accounting for mortgages payable Elie purchased a building with a market value of $335,000 and land with a market value of $55,000 on January 1, 2016. Elie paid $10,000 cash and signed a 15-year, 12% mortgage payable for the balance.

Requirements: 1. Journalize the January 1, 2016, purchase.

2. Journalize the first monthly payment of $4,561 on January 31, 2016. (Round to the nearest dollar.)

Reference no: EM131820054

Questions Cloud

Discuss differences in wealth and power : differences in wealth and power, honors and rewards, and privileges and salaries that attach to different roles in society

Determine the costs per unit for last year and for the year : Prepare a cost estimate for a volume level of 120,000 units of product this year. Determine the costs per unit for last year and for this year.

Journalize the issuance of the note : Accounting for a long-term note payable On January 1, 2016, Locker-Farrell signed a $200,000, 10-year, 13% note. The loan required Locker-Farrell to make.

How much will you have on the day of your last investment : Investing the money in an account that return 6% per year. How much will you have on the day of your last investment?

Problem on accounting for mortgages payable : Accounting for mortgages payable Elie purchased a building with a market value of $335,000 and land with a market value of $55,000 on January 1, 2016.

Create a thesis statement about the civil war : Identify and discuss the different ways that the Civil War, Reconstruction, and Industrialization after the Civil War have shaped America's history.

Comparing the direct and indirect methods : To compare statement of cash flows reporting under the direct and indirect methods, enter check marks to indicate which items are used

Prepare a segment margin income statement for collectibles : Prepare a segment margin income statement for the Collectibles division that shows the segment margin of each group

How is increase in assets recorded on statement of cash flow : How is increase in assets recorded on a statement of cash flows? How is an increase in liabilities recorded on a statement of cash flows?

User Account

All Pages