On June 30, Collins Management Company purchased land for $400,000 and a building for $560,000, paying $360,000 cash and issuing a 5% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $30,000 on the principal plus the interest accrued from the date of the preceding payment. Journalize the entry to record (a) the transaction on June 30, (b) the payment of the first installment on December 31, and (c) the payment of the second installment the following June 30. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles.

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06-12-2022
Business

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On June 30, Collins Management Company purchased land for $400,000 and a building for $560,000, paying $360,000 cash and issuing a 5% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $30,000 on the principal plus the interest accrued from the date of the preceding payment. Journalize the entry to record (a) the transaction on June 30, (b) the payment of the first installment on December 31, and (c) the payment of the second installment the following June 30. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles.

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varshamittal029 varshamittal029 · Answer 1 · 2022-12-13T03:39:55-05:00

The journal entry of the transactions are -

Part a) June 30th

Land Dr. $400000

Building Dr. $560000

Cash $360000

Note payable $600000
(being land and building purchased)

Part b) December 31st

Note payable Dr. $30000
Interest (600000 * .05 * .50) Dr. $15000
Cash Cr $45000
(Being installment paid)

Part c) June 30th

Note payable Dr $30000

Interest ($570000 * .05 * .50) Dr $14250

Cash Cr $44250
(Being installment paid)

Journal entry- A journal entry is the act of recording any transaction, whether one that is economic or not. An accounting diary that displays the debit and credit balances of a corporation lists transactions. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.

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