Jernigan co receives 226800 when it issues a 226800 14, Financial Accounting

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Jernigan co receives 226800 when it issues a 226800 14

Jernigan Co. receives $226,800 when it issues a $226,800, 14%, mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide for semiannual installment payments of $18,900 on June 30 and December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments.

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Financial Accounting: Jernigan co receives 226800 when it issues a 226800 14

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