Ask Experts Questions for FREE Help !
Ask
    leatherneckharr's Avatar
    leatherneckharr Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 17, 2009, 06:54 PM
    Journal entry
    What are the journal entries for purchase of building for $800,00 with $400,000 down and a mortgage of $400,000.

    Thank you
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Jan 17, 2009, 07:27 PM

    Debit Building for 800,000
    Credit Cash for 400,000
    Credit Mortgage Payable for 400,000
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Journal entry and adjusting entry [ 3 Answers ]

Hello: I am new to this site. I am coming across some difficulty with my assignment. If someone can please help me:confused: 1. On may 1st, there was a rent payment for may and June for 4500. THEN 2. I have an adjusting entry for a $1000 of unearned rent. Here is the confusing part to...

Journal entry [ 1 Answers ]

On July 1, 2008, Lamis company paid $1,200 for six months of insurance coverage. No adjustments have been made to the prepaid insurance account, and it is now December 31, 2008. Prepare the journal entry to reflect expiration of the insurance as of December 31, 2008.

Journal Entry [ 6 Answers ]

How would I journalize the following transaction: Received a $10,000 note receivable from a customer on account. I didn't make up the transaction, I just need help journalizing it. :) Thanks in advance!!

Journal Entry FOB [ 1 Answers ]

How does FOB shipping point or destination figure in to a purchase or a sale using the periodic method? Is it just included in the amount of purchase or sale or is there some sort of adjustment that needs to be made? Thanks in advance :)

View more questions Search