On October 17, Nikle Company purchased a building and a plot of land for $419,600. The building was valued at $172,000 while the land carried a value of $247,600. Nikle paid $67,100 down in cash and signed a notes payable for the balance. Prepare the journal entry for this transaction. If an amount box does not require an entry, leave it blank.

On October 17, Nikle Company purchased a building and a plot of land for $419,600. The building was valued at $172,000 while the land carried a value of $247,600. Nikle paid $67,100 down in cash and signed a notes payable for the balance. Prepare the journal entry for this transaction. If an amount box does not require an entry, leave it blank.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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Prepare the journal entry for this transaction. If an amount box does not require an entry, leave it blank.

On October 17, Nikle Company purchased a building and a plot of land for $419,600. The building was valued at $172,000 while the land carried a value of $247,600. Nikle paid
$67,100 down in cash and signed a notes payable for the balance.
Prepare the journal entry for this transaction. If an amount box does not require an entry, leave it blank.
Oct. 17

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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