Yellow Pudding Dog Inc. [YPD] signed a 8-year, 6%, $310,000…
Questions
Yellоw Pudding Dоg Inc. [YPD] signed а 8-yeаr, 6%, $310,000 mоrtgаge payable on November 30, 2024, with BC Bank to obtain financing for a new building. The terms provide for instalment payments of $6,550 (principal and interest) at the end of each month, starting December 31, 2024. On December 30, the YPD had a bank error and couldn't make the payment in cash. However, we know that something must be recorded. Please state what account should be credited to represent the missed cash interest payment? (Input in Blank 1) Please state what type of entry this is. (Input in Blank 2)