Question: record entries in proper journal entry format. show work if needed March Purchased a parcel of land on March 1, 2019 for $650,000 by paying
record entries in proper journal entry format. show work if needed
March
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Purchased a parcel of land on March 1, 2019 for $650,000 by paying $425,000 in cash and signing a short-term note payable with the seller for $225,000. You must repay the $225,000 in exactly one year on March 1, 2020. You agree to pay the seller 4.5 percent interest (annual rate) on a quarterly basis (June 1, September 1, December 1, 2019, and March 1, 2020).
[Adjusting Entry Required]
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On March 19th you purchased $33,480 of office supplies from Super Office Supplies with cash.
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On March 20th you received a payment of $125,000 for 260 hours of service to be performed in the future.
April
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April 21st, your customers bought 15,000 units of your product for $125 per unit (you decide what your company sells). The cost of this product is determined by the method of inventory valuation used by your company. Customers paid you 55% in cash and the remainder was on account.
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On April 27nd you purchased 9,250 units at a cost of $67 per unit. You paid 45% in cash and purchased the remainder on account.
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On April 29th you pay $550,000 cash toward your accounts payable.
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