Crowley Corporation purchased a building on January 2 by signing a long-term $600,000 mortgage with monthly payments of $5,500. The mortgage carries an interest rate of 10 percent. The entry to record the mortgage will include a
A) debit to the Mortgage Payable account for $600,000.
B) credit to the Cash account for $600,000.
C) debit to the Cash account for $600,000.
D) credit to the Mortgage Payable account for $600,000.
Correct Answer:
Verified
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