On 12/31/2010 (the last day of the year), the partnership purchased a new piece of land (Redbluff ) for $3,500,000. The $3,500,000 purchase was financed via a $500,000 RECOURSE LOAN from Union Bank and a $3,000,000 QUALIFIED NONRECOURSE FINANCING from Wells Fargo Bank. The recourse loan plus one...

Our company was sold for $2M as Asset Purchase Sale . The funds are being held on an escrow and will not be distributed after 90 days. What are the journal entries for this transaction? I know that the entry is on a Balance Sheet.

Purchased a skid loader on a note. Should the entry look like this? Skid Loader 12,000 (Fixed Asset Account) Current Portion of Notes Payable 4,000 (paid this year) (Current Liability) Long Term Portion of Notes Payable 8,000 (Other Liability) Then depreciation would be booked as:...

Journal entry for Donation received as cash and use of that money to purchase an asset

I am recording the purchase of a rental property from the HUD-1 settlement sheet. The security deposits held by the previous owner will be a credit to the liability account "Tenant Deposits" in my journal entry to record the settlement. When I actually receive the cash to fund the Security...