On 1 October 2015 Rugworld Purchased a Building for $800

question 31

Multiple Choice

On 1 October 2015 Rugworld purchased a building for $800 000, paying $300 000 as a deposit and giving the seller a 12% mortgage for the balance. The monthly repayment was $6000. What is the entry to record the payment on 1 November 2015?

• A) Dr interest expense $5000; Dr mortgage payable $1000; Cr bank $6000
• B) Dr mortgage payable $6000; Cr bank $6000
• C) Dr interest expense $5000; Dr bank $1000; Cr mortgage payable $6000
• D) Dr interest expense $6000; Cr bank $6000

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