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    shabbarali's Avatar
    shabbarali Posts: 2, Reputation: 1
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    #1

    Nov 16, 2010, 07:25 AM
    Accounting entry?
    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.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Nov 16, 2010, 07:33 AM

    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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