Land is purchased by making a cash down payment of 40,000 and signing a note payable for
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Question:
Land is purchased by making a cash down payment of 40,000 and signing a note payable for the balance of 130,000. The journal entry to record this transaction in the accounting records of the purchaser includes a.
A) Credit to Land for 40,000
B) Debit to cash for 40,000
C) Debit to Note payable for 130,000
D) Debit to land for 170,000
Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
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