Ace Electronics,Inc.needed some long-term financing and arranged for a 20-year,$200,000,8% mortgage loan on January 1,2011.Equal annual payments of $20,370 will be made on December 31 each year.
Required:
a.Record the first loan payment made on December 31,2011 in the accounting equation below.Fill in both the correct dollar amount and the letter of the account title from the list of accounts below.

b.Fill in the correct dollar amount AND put an X in the appropriate box to indicate the financial statement where the amount will be found.

Question

Ace Electronics,Inc.needed some long-term financing and arranged for a 20-year,$200,000,8% mortgage loan on January 1,2011.Equal annual payments of $20,370 will be made on December 31 each year.
Required:
a.Record the first loan payment made on December 31,2011 in the accounting equation below.Fill in both the correct dollar amount and the letter of the account title from the list of accounts below.
  
b.Fill in the correct dollar amount AND put an X in the appropriate box to indicate the financial statement where the amount will be found.

Quizplus · Accepted Answer

The Answer of Ace Electronics,Inc.needed some long-term financing and arranged for a 20-year,$200,000,8% mortgage loan on January 1,2011.Equal annual payments of $20,370 will be made on December 31 each year.
Required:
a.Record the first loan payment made on December 31,2011 in the accounting equation below.Fill in both the correct dollar amount and the letter of the account title from the list of accounts below.
  
b.Fill in the correct dollar amount AND put an X in the appropriate box to indicate the financial statement where the amount will be found.