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.

Question

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.

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The Answer of 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.

On January 1, 2013, Thames Company Purchases Property and Signs