Jernigan co. receives $300,000 when it issues a $300,000, 10%,

E10-15.Jernigan Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2015. The terms provide for semiannual installment payments of $25,000 on June 30 and December 31.




Prepare the journal entries to record the mortgage loan and the first two installment payments.

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadline.

Click Here to Make an Order Click Here to Hire a Writer