Acme Plus purchases a new office building for $600,000.00. Working in Quickbooks, how is the mortgage information entered? I know there has to be a long term liability for the mortgage but is the $600,000.00 also entered as an asset? Thanks

Yes, if there is no downpayment or upfront charge of some sort.

Purcase of building is an asset and should be recorded as such, offsetting is a documented liaibility(the underlying debt, the entries would be to record purchase of asset: building 600k/cash 600k

To record the liailbity; cash 600k/mortgae payable 600k.