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Fixed asset purchases with note I Journal Instructions Chart of Accounts Instructions On June 30, Colins Management Company purchased land for $440,000 and a building for $600,000, paying $300,000 cash and issuing a 4% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $37,000 on the principal plus the interest accrued from the date of the preceding payment Journalize the entry to record (a) the transaction on June 30, (b) the payment of the prst installment on December 31, and (c) the payment of the second installment the following June 30. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles M10. Assignment 10.1 Content Area Instructions Journal a. Journalize the entry to record the transaction on June 30. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT Instructions Chart of Accounts Journal Instructions Journal b. Journalize the entry to record the payment of the first installment on December 31. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of accountitles PAGE 2 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT c. Journalize the entry to record the payment of the second installment the following June 30. Assume a 360-day vear. Refer to the Chart of Accounts for exact wording of account Instructions Journal c. Journalize the entry to record the payment of the second installment the following June 30. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles PAGE 3 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT eBook Show Me How Calculator Print Item Instructions Chart of Accounts On coma marayonic md General Ledger ASSETS Jo REVENUE 110 Cash 30 410 Sales 111 Accounts Receivable 610 Interest Revenue EXPENSES 112 Interest Receivable 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 510 Cost of Merchandise Sold 118 Prepaid Insurance 520 Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense 120 Land eBook Show Me How Calculator Print Item Instructions Chart of Accounts Or 113 Notes Receivable EXPENSES mc 510 Cost of Merchandise Sold 115 Merchandise Inventory 116 Supplies Jo 118 Prepaid Insurance 520 Salaries Expense 524 Depreciation Expense-Building, 525 Delivery Expense 30 120 Land 526 Repairs Expense 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense LIABILITIES DAR - ssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Calculator Print Item Instructions Chart of Accounts Or 529 Selling Expenses md 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment 531 Rent Expense 532 Depreciation Expense-Office Equipment Jo 533 Insurance Expense 30 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Emines Federal Income Tax Pavable 538 Cash Short and Over 539 Product Warranty Expense 540 Damage Awards and Fines 541 Miscellaneous Finanse Ceny. NUWV2 UA G Why do people pay cash X3 Ocean Connect X Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator.&inprogress=false eBook Show Me How Calculator Print Item Instructions Chart of Accounts Or mo 541 Miscellaneous Expense 710 Interest Expense Jol 30 218 Employees Federal Income Tax Payable 219 Employees State Income Tax Payable 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable 229 EPA Fines Payable 230 Litigation Claims Payable FALU keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Calculator Print Item Instructions Chart of Accounts ZZI Union Pension Lidity Or ma 228 Product Warranty Payable 229 EPA Fines Payable 230 Litigation Claims Payable Jo 30 EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary