Try another version of this question Looking Good Clothing purchased land, paying $92,000 cash plus a $240,000 note payable.
In addition, Looking Good Clothing paid delinquent property tax of $1,864, title insurance costing $300, and $4,500 to level the land and remove unwanted building.
Record the journal entry for purchase of the land. Date Description Debit Credit Date Description Debit Credit Land 338,664 Cash 98,664 Notes Payable 240,000