Pitfeld Sound Center paid 200.000 tor a group purchase of land, bulding, and equipment A the time of the acquiton, the land had a market value of $105,000, the bulding S4.000, and the equpnent $21.000 Journale the lump-sum purchase of the three assets for a total cost of $200.000, the amourt for which the business siged a note payabie. Record a sngle compound jounal entry Record debits frst then oredits Select the planation on the last ine of the joumal entry table) Date Accounts and Explanation Debit Crede Land Buiding Equoment Nates Payable
Pitfeld Sound Center paid 200.000 tor a group purchase of land, bulding, and equipment A the time of the acquiton, the land had a market value of $105,000, the bulding S4.000, and the equpnent $21.000 Journale the lump-sum purchase of the three assets for a total cost of $200.000, the amourt for which the business siged a note payabie. Record a sngle compound jounal entry Record debits frst then oredits Select the planation on the last ine of the joumal entry table) Date Accounts and Explanation Debit Crede Land Buiding Equoment Nates Payable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Pittsfela Sound Center paid $200,000 for a group purchase of land, bulding, and equipment At the time of the acquisition, the land had a market value of $105,000, the bulding $84.000, and the equpment
$21,000. Journalze the lump-sum prchase of the three assets for a total cost of $200.000. the amount for which the business signed a note payabie. (Record a sngle compound journal enty. Record debits frst
then eredits Select the explanation on the last ine of the joumal entry table)
Date
Accounts and Explanation
Debit
Credit
Land
Buiding
Equoment
Notes Payable](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8fcdf5c0-6ce9-4e53-b226-fabef8995b6f%2Fb208c9e5-06d6-4ac5-8768-e094dc40c3b5%2F5oa55ge_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Pittsfela Sound Center paid $200,000 for a group purchase of land, bulding, and equipment At the time of the acquisition, the land had a market value of $105,000, the bulding $84.000, and the equpment
$21,000. Journalze the lump-sum prchase of the three assets for a total cost of $200.000. the amount for which the business signed a note payabie. (Record a sngle compound journal enty. Record debits frst
then eredits Select the explanation on the last ine of the joumal entry table)
Date
Accounts and Explanation
Debit
Credit
Land
Buiding
Equoment
Notes Payable
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