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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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Answer:

because no nation's economy can produce all of the goods and services that it needs.      

Explanation:

In simple words, International trade refers to the exchange of goods and services that occurs between the nations around the world for over all welfare and development of world economy.One of the major reasons behind such exchange is the opportunity cost of producing the same good differs among nations significantly.

For instance, a product that belongs to the labor intensive industry could be produced in India easily while as technology intensive good is feasible in America.Also due to difference of availability in natural resources some economies might  not be able to produce some goods altogether.                

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You start a business letter with your adress

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Factors that cause the rivalry among competing sellers to be weak include: Group of answer choices slow growth in buyer demand a
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Answer:

slow growth in buyer demand, weakly differentiated products among rival sellers.

Explanation:

There a number of causes that relate to the firms rivalry among its competitors.

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2. Bargaining power of the buyers.

3. Bargaining power of the suppliers.

4. Threat of substitutes.

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6. Lack of differentiation and switching costs.

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3 years ago
When putting away pallets of freight into multiple depth drive-in bays, what level of racking should be stocked first, second, a
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3 years ago
A corporate bond has a face value of $1,000 and a coupon rate of 5%. The bond matures in 20 years and has a current market price
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Answer: 4.10%

Explanation:

Solve for the current rate being used using the RATE function on Excel.

Number of periods = 15

Payment = 1,000 * 5% = 50

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Future value = 1,000 face value

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= 6.31%

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8 0
2 years ago
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