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AVprozaik [17]
3 years ago
10

2. On January 1, 2017, Gaskin Cabinetry Company purchases $300,000 of equipment by paying $50,000 in cash and

Business
1 answer:
docker41 [41]3 years ago
7 0

Answer:

(a) Debit Equipment for $300,000; Credit Cash for $50,000; and Credit Mortgage Note for $250,000

(b) Debit Mortgage Note for $13,572; Deebit Interest expense - Mortgage for $32,500; Credit Cash for $46,072.

Explanation:

(a) Prepare the journal entry for the purchase of the equipment.

The journal entries will look as follows:

<u>Date              Accounts Name and Explanation     Debit ($)      Credit ($)  </u>

1 Jan 2017     Equipment                                           300,000

                       Cash                                                                         50,000

                       Mortgage Note                                                      250,000

<u><em>                      (To record purchase of the equipment.)                                   </em></u>

(b) Prepare the journal entry for the January 1, 2018 mortgage payment.

The journal entries will look as follows:

<u>Date                Accounts Name and Explanation       Debit ($)     Credit ($) </u>

1 Jan 2018       Mortgage Note                                      13,572

                         Interest expense - Mortgage              32,500

                         Cash                                                                           46,072

<u><em>                        (To record mortgage and interest payments.)                          </em></u>

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