Acquired land at a cost of $60,000; paid one half of the purchase price in cash

orrin Posts: 1, Reputation: 1

New Member

Dec 26, 2010, 10:08 AM

Acquired land at a cost of $60,000; paid one half of the purchase price in cash

pready Posts: 3,197, Reputation: 207

Ultra Member

Dec 26, 2010, 12:18 PM

Debit Land for $60,000
Credit Cash for $30,000
Credit Mortgage Payable for $30,000

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