Problem $9-1$A $($Algo$)$ Record and analyze installment notes $($LO$9-2)$

$[$The following information applies to the questions displayed below.$]$

On January $1,2024,$ Birmingham Enterprises purchases a building for $$338,000,$ paying $$58,000$ down and

borrowing the remaining $$280,000,$ signing a $9\%,10-$year mortgage. Installment payments of $$3,546\mathrm{.}92$ are due at

the end of each month, with the first payment due on January $31,2024.$

Problem $9-1$A $($Algo$)$ Part $1$

Required:

Record the purchase of the building on January $1,2024.($If no entry is required for a particular transaction$/$event$,$ select

$"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

$1$

Record the purchase of the building.

Note: Enter debits before credits.