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Elan Coil [88]
3 years ago
10

On January 1, 2021, Gundy Enterprises purchases an office building for $151,000, paying $41,000 down and borrowing the remaining

$110,000, signing a 7%, 10-year mortgage. Installment payments of $1,277.19 are due at the end of each month, with the first payment due on January 31, 2021. Prepare Journal entry for January 31,2021.
Business
1 answer:
Nataly_w [17]3 years ago
4 0

Answer:Gundy Enterprise journal $

Date

Jan 31 2021

Income statementl Dr 641.67

Mortage Interest. Cr. 641.67

Recognition of interest payable on mortgage loan for December 2021

Jan 31 2021

Mortgage principal Dr 635.52

Mortgage interest Dr. 641.67

Bank Cr. 1277.19

Narration.payment of principal and interest Interest due on mortgage loan as at January 31 2021.

Explanation:

The monthly installment payments of $1277.19 consist of both the principal sum and accompanying monthly interest.

The interest needs to be first recognized as an expenses into the income statement and increase in the mortgage loan. This will prevent an over deduction on the mortgage loan.

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Yo<br>please solve this journal entries <br> as soon as possible ​
Elodia [21]

Answer:

1. Drawings A/c. dr. 15,000

To Cash A/c. 15,000

2. Cash A/c. Dr. 63,000

To Sales A/c. 63,000

3. Drawings A/c. Dr. 12,000

To Cash A/c. 12,000

4. Purchases A/c. Dr. 31,000

To Creditors A/c. 31,000

5. Drawings A/c. Dr. 16,000

To Purchases A/c. 16,000

6. Dalip Singh A/c. Dr.35,000

To Sales A/c. 35,000

7. Rent A/c. Dr. 22,000

To Bank A/c. 22,000

8. Purchases A/c. Dr. 19,000

To Cash A/c. 19,000

4 0
2 years ago
The Rockies Division operates as a profit center. It reports the following for the year. Budgeted Actual Sales $1,969,700 $1,829
Eduardwww [97]

Answer:

IMPORTANT NOTE: The data of the calculation was obtained from an online research.

The answer and procedures of the exercise are attached in a microsoft excel document.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

Download xlsx
6 0
3 years ago
The results of jasper's study for his dissertation showed that 200 mg of experimental drug r had a minimal-to-modest effect in r
Amiraneli [1.4K]
<span>The increase in drug r is a manipulation of the independent variable. The dependent variables here are the changes produced by the drug in the symptoms of GAD.</span>
8 0
3 years ago
I need help! It’s for a test.
Vilka [71]
I think is D



Is the most obvious out of the others
7 0
2 years ago
Read 2 more answers
The goal of total quality management (TQM) is to:a) outsource manufacturing tasks to overseas businesses.b) offer customers more
Greeley [361]

Answer: Option D  

                         

Explanation: In simple words, it refers to an implemented structure under which every employee of the organisation works to maintain high standards of performance in every aspect of the operations.

In other words, it refers to the organisation wide efforts under which all employees works for the betterment of the organisation.

Hence from the above we can conclude that the correct option is D.

5 0
3 years ago
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