How would you post in the General Ledger a mortgage payment of $3890, when $1,910 represents a reduction in the principal and the remainder is interest?
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How would you post in the General Ledger a mortgage payment of $3890, when $1,910 represents a reduction in the principal and the remainder is interest?
You debit the mortgage liability for the repayment of principal and interest expense for the interest and creditt cash for funds received
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