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edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS: MywileyPLUS l contact us l Logo Weygandt, Financial Accounting, 9e FINANCIAL ACCOUNTING (ACCT 021 Assignment Gradebook ORION Downloadable eTextbook ent NEXT MESSAGE HY INSTRUCTOR FULL SCREENPRINTER VERSION CALCULATOR Exercise 10-15 Jernigan Co. receives $222,000 when it ssues a $222,000 10% terms provide for semiannual installment payments of $18,500 on June 30 and December 31 mortgage note payable to finance the construction of a building at December 31, 201s. The the journal entries to record the mortgage loan and the first two installment payments. (Round answers to o decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit DateAccount Titles and Explanation Dec. 31, 2015 June 30, 2016 Dec. 31, 2016 4:38 PM AO2017

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Journal entries :

date accounts & explanation debit credit Dec 31,2015 Cash a/c 222000     Mortgage notes payable a/c 222000 (TO record notes issue) June 30 2016 Mortgage notes payable a/c 7400 Interest expenses a/c (222000*10%*6/12) 11100       Cash a/c 18500 (To record installment paid) Dec 31,2016 Mortgage notes payable a/c 7770 Interest expenses a/c (222000-7400)*10%*6/12 10730      Cash a/c 18500 (To record installment paid)

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