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    vhanzhelele's Avatar
    vhanzhelele Posts: 1, Reputation: 1
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    #1

    Nov 24, 2014, 07:12 AM
    Trustee financed property
    The trustee financed a property on behalf of the trust for 550 000 with interest payable to the trustee of 9.25% over 5 years. What are the journal entries for this transaction?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Nov 24, 2014, 09:07 PM
    Debit Property, Credit loan debt

    At balance date you will accrue or adjust interest
    Debit interest expense, credit accrued interest
    When paid
    Debit Interest credit cash
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