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Delmar Company purchased a building on January 2 by signing a long-term $480,000 mortgage with monthly payments of $4,400. The mortgage carries an interest rate of 10 percent.
The entry to record the first monthly payment will include a:
a. debit to the Cash account for $4,400.
b. credit to the Cash account for $4,000.
c. debit to the Interest Expense account for $4,000.
d. credit to the Mortgage Payable account for $4,400
Hope receives an $18,500 scholarship from State University. The university specifies that $8,500 is for tuition, books, supplies, and equipment, while $10,000 is for room and board. In addition, Hope works part-time at the campus library and earns..
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