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a, b, and c Recording and Assessing the Effects of Installment Loans On December...

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imagea, b, and c

Recording and Assessing the Effects of Installment Loans On December 31, 2015, Dehning, Inc., borrowed $500,000 on an 8%, 10-year mortgage note pay- able. The note is to be repaid in equal quarterly installments of $18,278 (beginning March 31,2016). a. Prepare journal entries to reflect (1) the issuance of the mortgage note payable, (2) the pay- E9-50. ment of the first installment on March 31,2016, and (3) the payment of the second installment on June 30, 2016. Round amounts to the nearest dollar Post the journal entries from part a to their respective T-accounts. Record each of the transactions from part a in the financial statement effects template. b. c

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