STANDARD VIEW PRINTER VERSION 4 BACK NEXT RESOURCES Your answer is partially cor

Question

STANDARD VIEW PRINTER VERSION 4 BACK NEXT RESOURCES Your answer is partially correct. Try again. 0-22 Prepare the journal entries to record the first two installment payments. (Round answers to O decimal places e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit First Installment Payment Dec. 31, 2018 TMortgage Payable 15,321.00 Interest Expense 26,950.00 Cash 42,271.00 Second Installment Payment Dec. 31, 2019 TMortage Payable 16,393.47 Interest Expense 25,877.53 Cash 42,271.00 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SIMILAR EXERCISE in ePortfolio

Explanation / Answer

Journal entries :

date accounts & explanation debit credit 12/31/18 Mortgage notes payable a/c 15321 Interest expenses a/c 26950        Cash a/c 42271 (To record installment paid) 12/31/19 Mortgage notes payable a/c 16393 Interest expenses a/c 25878       Cash a/c 42271 (To record installment paid)

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