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Bought a building for $182,000; paid $74,000 in cash and signed a three-year note for the balance. Record the transaction.

Question

Bought a building for $182,000; paid $74,000 in cash and signed a three-year note for the balance. Record the transaction.

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Step 1

Building purchased will increase the balance of building by $ 182000 therefore, it will be debited.

However, the cash has been paid and will get reduced by $  74000. Therefore, c...

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