The co. purchased office facility 300000 of which 100000 was applicable to the land and 200000 to building. A cash payment of 60000 was made a note payable was issued for the balance of purchased price.
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The co. purchased office facility 300000 of which 100000 was applicable to the land and 200000 to building. A cash payment of 60000 was made a note payable was issued for the balance of purchased price.
Debit land for 100,000
Debit Building for 200,000
Credit Cash for 60,000
Credit Notes Payable for the difference
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