Question 1 S15-18 - Mortgage You qualified for a student loan in the amount of $10,000. Once you graduate, you are required to repay this loan over 10 years at a rate of interest of 4 percent. The monthly interest and principal repayments are calculated like a mortgage. The following table illustrates the first four payments beginning December 1, 2020. Using the information from the table, record the journal entry for January 1, 2021. DateAccount Title/ ExplanationDebitCredit Jan1Interest Expense33.11 Loan/Mortgage Payable68.14 Cash101.25 To record a blended
Expert's Answer
Chat with our Experts
Want to contact us directly? No Problem. We are always here for you
Your future, our responsibilty submit your task on time.
Order Now
Get Online
Assignment Help Services
