This Question: 6 pts This Quiz: 100 pts poss EQuestion Help Bazos Con pa y pu ch

Question

This Question: 6 pts This Quiz: 100 pts poss EQuestion Help Bazos Con pa y pu chased equ pment and signed a six-year mortgage note for S 0,000 at 15%. The note will be paid in equal annual instal ents of $21,139, begning January 1. 2019 On January 1, 2019, the jounal entry to record the first installment payment will includea Round your answer to the nearest whole number.) O A. credit to Cash for $9, 139 O B. debit to Mortgage Payable for $21,139 C. debit to Interest Expense for $12000 O D. credit to Mortgage Payable for $80,000

Explanation / Answer

Debit to Mortgage Payable for $ 21139

Debit to Mortgage Payable for $ 21139, since Mortgage Payable will have Credit Balance which will be debited while making the first Installment. It will reduce Balance in Mortgage Payable a/c

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