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    aahmed2's Avatar
    aahmed2 Posts: 1, Reputation: 1
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    #1

    Feb 20, 2013, 10:12 PM
    Journal entry for down payment
    Acquired land and building at a cost of $3,000 and $21,000. A $4,000 down payment was made and an 8% mortgage was signed for the balance. The building has a 20 year life.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Feb 21, 2013, 08:46 AM
    Your accounts will be Cash, Land, and Mortgage Payable.
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