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    klowe1129's Avatar
    klowe1129 Posts: 1, Reputation: 1
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    #1

    Jun 17, 2009, 08:07 AM
    Posting on journal
    Transaction: purchased land worth 54,000 for an office by paing 5,400 cash and sign a long-term note payable 48,600.

    Would I put land in my journal even though the cash and note payable added together is equal to the land
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Jun 18, 2009, 12:01 PM

    Your journal entry is:
    Debit Land for 54,000
    Credit Cash for 5,400
    Credit Notes Payable for 48,600

    Note: Your Debits and Credits should always balance
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