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.
At December 31, 2013, after the December payment has been made, a new reclassification entry must be made to update the balance in the current portion of mortgage payable. Please provide that journal entry.
Definitions:
Credit
An accounting entry that increases the balance of liabilities and equity accounts or decreases the balance of an asset or expense account.
Horizontal Analysis
A financial analysis technique that evaluates the changes in the amounts of financial statement items over a period.
Sales
The total amount of goods or services sold by a company during a specific period of time, indicating the company's primary revenue generation activity.
Horizontal Analysis
A financial tool used for comparing financial statements over two or more periods, focusing on the growth, decline, or consistency across those periods.
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