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Author Question: On January 1, Cheshire Co. signed a $220,000, 7%, 30-year mortgage that requires semiannual payments ... (Read 292 times)

DelorasTo

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on: Feb 18, 2020
On January 1, Cheshire Co. signed a $220,000, 7%, 30-year mortgage that requires semiannual payments of $8,819 on June 30 and December 31 of each year. The journal entry to record the second semiannual payment would be: (Round your final answer to the nearest dollar.)
◦ debit Interest Expense, $7,661; debit Mortgage Payable, $1,158; credit Cash, $8,819.
◦ debit Interest Expense, $7,661; debit Mortgage expense, $1,158; credit Cash, $8,819.
◦ debit Mortgage Payable, $8,819; credit Cash, $8,819.
◦ debit Interest Expense, $1,158; debit Mortgage Payable,$7,661; credit Cash, $8,819.
Financial Accounting ¦ Kemp, Waybright ¦ 5th Edition
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Marked as best answer by DelorasTo on Feb 18, 2020

akpaschal

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Reply #1 on: Feb 18, 2020
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Amber Euse

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Reply #2 on: Apr 20, 2020
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