Question

 Date Accounts Debit(\$) Credit(\$) 2016 Building 450,000 Jan 1 Land 150,000 Mortgage Payable 600,000 (Record of Mortgage Payable on Building and Land) Jan 31 Interest Expense 137.20 Mortgage Payable 6,500 Cash 6,637.20 (Record of First Payment on Mortgage Payable) Feb 29 Interest Expense 138.69 Mortgage Payable 6,498.51 Cash 6,637.20 (Record of Second Payment on Mortgage Payable)
 Date Beginning Balance Principal Payment Interest Expense Total Payment Ending Balance 1/1/2016 \$         600,000 1/31/2016 \$         600,000 \$            137.20 \$              6,500 \$        6,637.20 599,862.80 2/29/2016 599,862.80 138.69 6,498.51 6,637.20 599,724.11

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