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  • Jun 17, 2009, 08:07 AM
    klowe1129
    Posting on journal
    Transaction: purchased land worth 54,000 for an office by paing 5,400 cash and sign a long-term note payable 48,600.

    Would I put land in my journal even though the cash and note payable added together is equal to the land
  • Jun 18, 2009, 12:01 PM
    pready

    Your journal entry is:
    Debit Land for 54,000
    Credit Cash for 5,400
    Credit Notes Payable for 48,600

    Note: Your Debits and Credits should always balance

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