Please provide the following journal entries for these transactions, you can draw the T- Accounts or journal entries; A) Mortgage Company funded a loan for $100,000 and the company only advance 98% of the loan through financing (Warehouse Line). Remaining 2% is gathered from Companys funds. B) The same loan was sold to investor at 102 % 15 days later, please prepare the journal entries. C) The Company has expenses at the end of the month in the amount of $20,000 but has not paid until 30 days later. Please prepare journal entries at the end of the month and 30 days payment. D) The company received funds and has a trust liability account for borrowers in the amount of $10,000. 30 days later the trust liability is being transferred to the final investors. E) Company Prepaid Insurance for 12 months and paid in January for $1,200. You are now in the March 31 st of the year.
Please provide the following journal entries for these transactions, you can draw the T- Accounts or journal entries; A) Mortgage Company funded a loan for $100,000 and the company only advance 98% of the loan through financing (Warehouse Line). Remaining 2% is gathered from Companys funds. B) The same loan was sold to investor at 102 % 15 days later, please prepare the journal entries. C) The Company has expenses at the end of the month in the amount of $20,000 but has not paid until 30 days later. Please prepare journal entries at the end of the month and 30 days payment. D) The company received funds and has a trust liability account for borrowers in the amount of $10,000. 30 days later the trust liability is being transferred to the final investors. E) Company Prepaid Insurance for 12 months and paid in January for $1,200. You are now in the March 31 st of the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Please provide the following journal entries for these transactions, you can draw the T-
Accounts or journal entries; A) Mortgage Company funded a loan for $100,000 and the
company only advance 98% of the loan through financing (Warehouse Line). Remaining 2%
is gathered from Companys funds. B) The same loan was sold to investor at 102 % 15 days
later, please prepare the journal entries. C) The Company has expenses at the end of the
month in the amount of $20,000 but has not paid until 30 days later. Please prepare journal
entries at the end of the month and 30 days payment. D) The company received funds and
has a trust liability account for borrowers in the amount of $10,000. 30 days later the trust
liability is being transferred to the final investors. E) Company Prepaid Insurance for 12 months
and paid in January for $1,200. You are now in the March 31 st of the year.
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