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bravata bravata
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7 years ago
On January 1, Greene Autos signed a $210,000, 6%, 30-year mortgage that requires semiannual payments of $7,585 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:
A) debit Mortgage Payable, $7,585; credit Cash, $7,585.
B) debit Interest Expense, $1,285; debit Mortgage Payable, $6,300; credit Cash, $7,585.
C) debit Interest Expense, $6,300; debit Mortgage expense, $1,285; credit Cash, $7,585.
D) debit Interest Expense, $6,300; debit Mortgage Payable, $1,285; credit Cash, $7,585.
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Financial Accounting

Financial Accounting


Edition: 3rd
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antonio_johnantonio_john
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Massachusetts Institute of Technology
-- Accounting

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bravata Author
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6 years ago
This is the best resource ever, ty
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