Crane Inc. signed a 10-year. 4%, $240,000 mortgage payable on November 30, 2020, with a...
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Crane Inc. signed a 10-year. 4%, $240,000 mortgage payable on November 30, 2020, with a bank to obtain financing for a new machinery. The terms provide for instalment payments of $2,430 at the end of each month. Prepare the entries to record the mortgage on November 30, 2020, and the first two payments on December 31, 2020, and January 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to the nearest whole dollar, es: 5,275.) Blended principal and interest payment Date Account Titles and Explanation Debit Credit 2020 Nov. 30 Cash 240000 Mortgage Payable 240000 Dec. 31 Mortgage Payable Interest Expense 800 Cash 2021 Jan. 31 Mortgage Payable Interest Expense Cash
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