The following instalment payment schedule is for a long-term mortgage payable for Melrose Enterprises:
In addition to the mortgage payable, Melrose also has balances in the following select accounts on December 31, 2022:
Accounts Payable $25,000
Bank overdraft $12,500
Income Tax Payable $11,500
Interest Expense $2,750
Unearned Revenues $1,250
Instructions
a) Prepare the necessary entry to update the current portion of long-term debt account for December 31, 2022.
b) Prepare the liabilities section of the statement of financial position for December 31, 2022, for Melrose Enterprises.

Question

The following instalment payment schedule is for a long-term mortgage payable for Melrose Enterprises:
  In addition to the mortgage payable, Melrose also has balances in the following select accounts on December 31, 2022:
Accounts Payable $25,000
Bank overdraft $12,500
Income Tax Payable $11,500
Interest Expense $2,750
Unearned Revenues $1,250
Instructions 
a) Prepare the necessary entry to update the current portion of long-term debt account for December 31, 2022.
b) Prepare the liabilities section of the statement of financial position for December 31, 2022, for Melrose Enterprises.

Quizplus · Accepted Answer

The Answer of The following instalment payment schedule is for a long-term mortgage payable for Melrose Enterprises:
  In addition to the mortgage payable, Melrose also has balances in the following select accounts on December 31, 2022:
Accounts Payable $25,000
Bank overdraft $12,500
Income Tax Payable $11,500
Interest Expense $2,750
Unearned Revenues $1,250
Instructions 
a) Prepare the necessary entry to update the current portion of long-term debt account for December 31, 2022.
b) Prepare the liabilities section of the statement of financial position for December 31, 2022, for Melrose Enterprises.

The Following Instalment Payment Schedule Is for a Long-Term Mortgage