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Author Question: On January 1, Wonderland, Inc. signed a $260,000, 7%, 30-year mortgage that requires semiannual ... (Read 366 times)

asd123

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On January 1, Wonderland, Inc. signed a $260,000, 7%, 30-year mortgage that requires semiannual payments of $10,423 on June 30 and December 31 of each year. The journal entry to record the first semiannual payment would be (round interest calculation to the nearest dollar) to:
◦ debit Interest Expense, $9,100; debit Mortgage expense, $1,323; credit Cash, $10,423.
◦ debit Mortgage Payable, $10,423; credit Cash, $10,423.
◦ debit Interest Expense, $9,100; debit Mortgage Payable, $1,323; credit Cash, $10,423.
◦ debit Interest Expense, $1,323; debit Mortgage Payable, $9,100; credit Cash, $10,423.


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Marked as best answer by asd123 on Feb 18, 2020

kswal303

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