Julie Robertson,an accountant,has entered into a $12,000 contract to do a consulting engagement that will begin in 20x5 and end in 20x6.Assuming a calendar-year accounting period,prepare Julie's entries in the following journal,using the dates and explanations provided.
Definitions:
Point Purchased
In finance, particularly in mortgage contexts, this refers to prepaid interest that the borrower opts to pay upfront in order to lower the interest rate on the loan.
Monthly Mortgage
A regularly scheduled payment that often includes both interest and principal, made by a borrower to a lender for the repayment of a home loan.
Interest Rate
The percentage rate that is paid by a bank on money that is in some accounts.
Monthly Payment
A specified amount of money paid at regular monthly intervals, typically associated with loans or installment purchases.
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