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Home Q & A Board Other Fields Homework Help Business Accounting
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bravata bravata
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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 second semiannual payment would be (round interest calculation to the nearest dollar) to:
A) debit Interest Expense, $6,971; debit Mortgage expense, $764; credit Cash, $7,735.
B) debit Interest Expense, $764; debit Mortgage Payable, $6,971; credit Cash, $7,735.
C) debit Interest Expense, $6,971; debit Mortgage Payable, $764; credit Cash, $7,735.
D) debit Mortgage Payable, $7,735; 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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bravata Author
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#2
6 years ago
Thank you so much

I wish I knew about this years ago
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