Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 10 - Reporting and Analyzing Liabilities - Exercises: E10-22

Answer

2010 a)Dec. 31 Cash 330,000 dollars Mortgage Notes Payable 330,000 dollars b)2011 June. 30 Interest Expense 13,200 dollars Mortgage Note payable 7,923 dollars Cash 21,123 dollars c) 2011 Dec. 31 Interest Expense 12,672 dollars Mortgage Note payable 8,451 dollars Cash 21,123 dollars

Work Step by Step

a) To record mortgage loan b) To record accrued bond interest and Amortization of bond premium c) To record accrued bond interest and Amortization of bond premium
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