Solved: The terms provide for annual installment payments of 30000, Accounting Basics

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The terms provide for annual installment payments of 30000

Question - Jernigan Co. receives $180,000 when it issues a $180,000, 12%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $30,000 on December 31.

Prepare the journal entries to record the mortgage loan and the first two payments.

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Accounting Basics: The terms provide for annual installment payments of 30000

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Accounting Basics: The terms provide for annual installment payments of 30000

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