Paris Company buys a building on a plot of land for $100,000,paying $20,000 cash and signing a 20-year mortgage note for $80,000 at 6%.Monthly payments are $570.The first monthly payment was made in January,2013.Please provide the journal entry for the first monthly payment.
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Question

Paris Company buys a building on a plot of land for $100,000,paying $20,000 cash and signing a 20-year mortgage note for $80,000 at 6%.Monthly payments are $570.The first monthly payment was made in January,2013.Please provide the journal entry for the first monthly payment.
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\hline \quad\quad& \quad&\quad \
\hline & & \
\hline & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Paris Company buys a building on a plot of land for $100,000,paying $20,000 cash and signing a 20-year mortgage note for $80,000 at 6%.Monthly payments are $570.The first monthly payment was made in January,2013.Please provide the journal entry for the first monthly payment.
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