| | Accounting, 9e |
| | E11-14 | Recording mortgage payable entries from an amortization schedule |
| | LO 1 [10-15 minutes] |
| | | | Students please fill-in areas that are shaded |
| | Student Name |
| | Course Name |
| | Student ID: |
| | Date: |
| | Kaiser Company’s partial amortization schedule follows: |
| | Payment Number | Date | Payment | Interest Expense (Principal X 6% X 1/12) | Principal | Mortgage Balance |
| | Loan | 1/1/13 | | | | $ 500,000.00 |
| | 1 | 1/31/13 | 3,597.30 | 2,500.00 | 1,097.30 | 498,902.70 |
| | 2 | 2/28/13 | 3,597.30 | 2,494.51 | 1,102.79 | 497,799.91 |
| | 3 | 3/31/13 | 3,597.30 | 2,489.00 | 1,108.30 | 496,691.61 |
| | 4 | 4/30/13 | 3,597.30 | 2,483.46 | 1,113.84 | 495,577.77 |
| | 5 | 5/31/13 | 3,597.30 | 2,477.89 | 1,119.41 | 494,458.36 |
| | 6 | 6/30/13 | 3,597.30 | 2,472.29 | 1,125.01 | 493,333.35 |
| | 7 | 7/31/13 | 3,597.30 | 2,466.67 | 1,130.63 | 492,202.72 |
| | 8 | 8/31/13 | 3,597.30 | 2,461.01 | 1,136.29 | 491,066.43 |
| | 9 | 9/30/13 | 3,597.30 | 2,455.33 | 1,141.97 | 489,924.46 |
| | 10 | 10/31/13 | 3,597.30 | 2,449.62 | 1,147.68 | 488,776.78 |
| | 11 | 11/30/13 | 3,597.30 | 2,443.88 | 1,153.42 | 487,623.36 |
| | 12 | 12/31/13 | 3,597.30 | 2,438.12 | 1,159.18 | 486,464.18 |
| | | 2013 totals | 43,167.60 | 29,631.78 | 13,535.82 |
| | Requirements |
| | 1. | Journalize the note issuance and the reclassification of the current portion on |
| | | January 1, 2013 (explanations are not required). |
| | 2. | What is the balance in Estimated warranty payable? |
| | 3. | Journalize the second payment on February 28, 2013 (do not round). |
| | Test Your Knowledge |
| | E11-14 |
| | Req. 1 |
| | Journal |
| | DATE | ACCOUNTS AND EXPLANATIONS | | | DEBIT | CREDIT |
| | 2013 |
| | Jan 1 |
| | Jan 1 |
| | Req. 2 |
| | Journal |
| | DATE | ACCOUNTS AND EXPLANATIONS | | | DEBIT | CREDIT |
| | 2013 |
| | Jan 31 |
| | Req. 3 |
| | Journal |
| | DATE | ACCOUNTS AND EXPLANATIONS | | | DEBIT | CREDIT |
| | 2013 |
| | Feb 28 |
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hho9e_e11_14_eip_stud-1.xlsx
