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Home Q & A Board Other Fields Homework Help Business Accounting
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tivo tivo
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7 years ago
On January 1, Clive Corporation signed a $175,000, 8%, 30-year mortgage that requires semiannual payments of $7,735 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 Interest Expense, $735; debit Mortgage Payable, $7,000; credit Cash, $7,735.
B) debit Interest Expense, $7,000; debit Mortgage Payable, $735; credit Cash, $7,735.
C) debit Mortgage Payable, $7,735; credit Cash, $7,735.
D) debit Interest Expense, $7,000; debit Mortgage expense, $735; credit Cash, $7,735.
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Financial Accounting

Financial Accounting


Edition: 3rd
Authors:
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largerthanlifelargerthanlife
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7 years ago
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tivo Author
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#2
7 years ago
Luckily this is the last business course I'll be taking. Thank you greatly
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