[acctstudent24]

[morgaine300]

You would debit the mortgage payable for the amount of principle being paid (which reverses the payable back out), debit any interest expense being paid, and credit cash for the total amount.

[Denisea]

What about property tax? Is that an asset or expense item on the chart of accounts?

[pready]

Property tax is an expense account and it could be a liability account known as Property tax payable if the property tax is due, but not yet paid.