Explain what the counterreformation did for art during the b

More Info 016 Mar. 1 Dec. 1 the nterest late on the note is 5% and Dec 31 Interest Payable Jan 1 Paid Saylor Bank monthly mortgage payment

Solution

Date Accounts Title Dr Cr Mar 1 2016 Cash $240,000 Notes payable $240,000 Dec 1 2016 Cash $500,000 Mortgage payable $500,000 31-Dec Interest expenses 28000 Interest Payable 28000 (240000*10/12*14%) 31-Dec Interest expenses 2083 Interest Payable 2083 (500000*5%*1/12) Jan 1 2017 Morgage payable (9000-2083) $6,917 Interest Payable 2083 Cash $9,000 1-Feb Mortgage payable $6,945 Interest expenses 2055 Cash $9,000 1-Mar Mortgage payable $6,974 Interest expenses 2026 Cash $9,000 1-Mar-17 Notes payable $30,000 Interest expenses (240000*14%*2/12) 5600 Interest Payable 28000 Cash $63,600 1-Mar Liabilities section Current liabilities Current maturities of Notes payable (106831-6917-6945-975) see echedule $85,995 Mortgage payable (see schedule) 30083 Total current liabilities $116,078 Long term liabilities Notes payable 210000 Mortage payable $393,169 Total log term liabilities $603,169 Total liabilities $719,247 Date Beg bal B Principal payment P= t-I Int exp IB*5%*1/12) Total payment T End bal E-P 12/1/2016 $500,000 1-Jan $500,000 $6,916.67 $2,083.33 9000 $493,083.33 1-Feb $493,083.33 $6,945.49 $2,054.51 9000 $486,137.85 1-Mar $486,137.85 $6,974.43 $2,025.57 9000 $479,163.42 1-Apr $479,163.42 $7,003.49 $1,996.51 9000 $472,159.94 1-May $472,159.94 $7,032.67 $1,967.33 9000 $465,127.27 1-Jun $465,127.27 $7,061.97 $1,938.03 9000 $458,065.30 1-Jul $458,065.30 $7,091.39 $1,908.61 9000 $450,973.90 1-Aug $450,973.90 $7,120.94 $1,879.06 9000 $443,852.96 1-Sep $443,852.96 $7,150.61 $1,849.39 9000 $436,702.35 1-Oct $436,702.35 $7,180.41 $1,819.59 9000 $429,521.94 1-Nov $429,521.94 $7,210.33 $1,789.67 9000 $422,311.62 1-Dec $422,311.62 $7,240.37 $1,759.63 9000 $415,071.25 1-Jan $415,071.25 $7,270.54 $1,729.46 9000 $407,800.71 1-Feb $407,800.71 $7,300.83 $1,699.17 9000 $400,499.88 1-Mar $400,499.88 $7,331.25 $1,668.75 9000 $393,168.63 Total $106,831