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
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
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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