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    hlw8989's Avatar
    hlw8989 Posts: 4, Reputation: 2
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    #1

    Oct 14, 2012, 12:21 PM
    Did I answer this accounting problem right?
    June 16: Byte purhased a building and the land it is on for $131,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $21,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $13,100 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1.

    My Answer:
    Dr. Land $131,000
    Dr. Building Cost $21,000
    Cr. Cash $13,100
    Cr. Mortgage Payable $138,900
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Oct 14, 2012, 02:09 PM
    Dr. Land $131,000 incorrect 21,000
    Dr. Building Cost $21,000 incorrect 110,000
    Cr. Cash $13,100 correct
    Cr. Mortgage Payable $138,900 incorrect 117,900
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