On January 1, 2013, Thames Company purchases property and signs a 6-year mortgage note for $60,000 at 4%. Please see the partial amortization schedule below.
On January 1, 2013, Thames recorded the entire principal amount of $60,000 as mortgage payable. They would then record a second entry to reclassify the current portion. Please provide that entry.
Definitions:
Electrical Engineering
A branch of engineering that deals with the study, design, and application of equipment, devices, and systems which use electricity, electronics, and electromagnetism.
Grapevine
Informal channels of communication within an organization, often characterized by rumors and unofficial information.
Rumor
Information or a story that is circulated from person to person but has not been proven to be true.
Aerospace Industry
The sector engaged in the research, design, manufacture, operation, and maintenance of aircraft and spacecraft.
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