Exam $3$ Chapters $7-10$ Fall $23x$

Clothing purchased land, payin $x$

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RenFair Clothing purchased land, paying $$80,000$ cash and signing a $$220,000$ note payable. In addition, RenFair Clothing paid delinquent property tax of $$1,500,$ title insurance costing $$800,$ and $$4,000$ to level the land and remove an unwanted building. Record the journal entry for purchase of the land.

Begin by determining the cost of the land.

Purchase price of land

$300000$

Add related costs:

Property taxes

Title insurance

Removal of building

Total cost of land

Record the journal entry for purchase of the land. $($Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[,$Land,,$],[,$Cash,,$],[,$Notes Payable,,$],[,1,,-],[,$To record purchase of land with cash and note payable.,,$]]$

$(1)$ Time Remaining: $00$:$29$:$21$