335 Mortgages Payable – Real Estate

Liabilities

Long Term

Synopsis

Account 335 is established to record the amount due beyond the next 12 months for loans secured by real estate used by the dealership in the automobile business.

Debits

Credits

  1. The amount of payments made

  1. Notes payable secured by real estate not due within 12 months

 

Comments

A credit balance: represents amounts NOT DUE within 12 months from the current operating report date and secured by real estate.

Note:

The current amount of Real Estate Mortgages is recorded in Account 314, Notes Payable – Other.