Multiple Choice
On January 1,Clive Corporation signed a $175,000,8%,30-year mortgage that requires semiannual payments of $7,735 on June 30 and December 31 of each year.The journal entry to record the second semiannual payment would be (round interest calculation to the nearest dollar) to:
A) debit Interest Expense,$6,971;debit Mortgage expense,$764;credit Cash,$7,735.
B) debit Interest Expense,$764;debit Mortgage Payable,$6,971;credit Cash,$7,735.
C) debit Interest Expense,$6,971;debit Mortgage Payable,$764;credit Cash,$7,735.
D) debit Mortgage Payable,$7,735;credit Cash,$7,735.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: If a bond's stated rate of interest
Q14: A mortgage is a secured note because
Q93: Bonds that may be retired at a
Q99: Most single individuals will claim:<br>A)0 allowances.<br>B)0 or
Q101: Which are generally paid for exceptional performance?<br>A)Salaries<br>B)Wages<br>C)Bonuses<br>D)Commissions
Q126: With regard to long-term debt, collateral represents?<br>A)A
Q149: The percentage of a company's total assets
Q150: On January 1,Greene Autos signed a $210,000,6%,30-year
Q151: Sydney earns $15 per hour and works
Q157: A 12-month,8% note dated August 1,2013 for