Detwiler Orchard issues a $264,948, 5%, 10-year mortgage note to obtain needed financing for a new lab. The terms call for annual payments of $34,312 each. Prepare the entries to record the mortgage loan and the first installment payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e. g. 5,275.) Account Titles and Explanation Debit Credit (To record mortgage loan) (To record annual payment on mortgage)

The answer is ""

Explanation:

Title and description of the account                        Debit        Credit

Cash                                                                    

Note payable on mortgage                                                      

(The loan was recorded)  

Note payable on mortgage                                    

Expenditure on interest                                          

Cash                                                                                        (Annual mortgage record payment)

you can put this in your 11 sentence summary

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answer about 4-5 percent of the labor force is unemployed;