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Looking Good Clothing purchased land, paying $88,000 cash plus a $300,000 note payable.
In addition, Looking Good Clothing paid delinquent property tax of $2,390, title insurance costing $700, 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 | 395,590 | ||
Cash | 95,590 | ||
Notes Payable | 300,000 |