The Following Instalment Payment Schedule Is for a Long-Term Mortgage

question 34

Short Answer

The following instalment payment schedule is for a long-term mortgage payable for Melrose Enterprises:
In addition to the mortgage payable, Melrose also has balances in the following select accounts on December 31, 2022:
Accounts Payable $25,000
Bank overdraft $12,500
Income Tax Payable $11,500
Interest Expense $2,750
Unearned Revenues $1,250
Instructions
a) Prepare the necessary entry to update the current portion of long-term debt account for December 31, 2022.
b) Prepare the liabilities section of the statement of financial position for December 31, 2022, for Melrose Enterprises.

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Definitions:

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