Journalize the July Transaction below. If no Journal Entry is required, write " No entry" 3-July Purchased land for golf course, put 10% down and agreed to pay the balance in six months, by signing a 6%(annual rate), 1 year note. $180000 4-April Placed an advertisement in the Seattle Times and paid for the advertisement.
Journalize the July Transaction below. If no Journal Entry is required, write " No entry" 3-July Purchased land for golf course, put 10% down and agreed to pay the balance in six months, by signing a 6%(annual rate), 1 year note. $180000 4-April Placed an advertisement in the Seattle Times and paid for the advertisement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounting
Journalize the July Transaction below. If no Journal Entry is required, write " No entry"
3-July
Purchased land for golf course, put 10% down and agreed to pay the balance in six months, by signing a 6%(annual rate), 1 year note. $180000
4-April
Placed an advertisement in the Seattle Times and paid for the advertisement.
$560
9-July
Paid for one year insurance policy, begin July 1, and expires June 30, 2020.
$4800
11-July
Purchased golf clubs and other equipment, payable in 30 days, from Calloway, a supplier.
$6000
17-July
Rented out the golf course to a consumer; the consumer paid one third in cash, the balance in 30days.
$18000
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