On January 1, 2021, Gundy Enterprises purchases an office building for $184,000, paying $44,000 down and bor the remaining $140,000, signing a 7%, 10-year mortgage. Installment payments of $1,625.52 are due at the end c month, with the first payment due on January 31, 2021. quired: Record the purchase of the building on January 1, 2021. (If no entry is required for a particular transaction/event, se urnal Entry Required" in the first account field.) View transaction list
On January 1, 2021, Gundy Enterprises purchases an office building for $184,000, paying $44,000 down and bor the remaining $140,000, signing a 7%, 10-year mortgage. Installment payments of $1,625.52 are due at the end c month, with the first payment due on January 31, 2021. quired: Record the purchase of the building on January 1, 2021. (If no entry is required for a particular transaction/event, se urnal Entry Required" in the first account field.) View transaction list
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
gop.4
Transcribed Image Text:On January 1, 2021, Gundy Enterprises purchases an office building for $184,000, paying $44,000 down and borrowing
the remaining $140,000, signing a 7%, 10-year mortgage. Installment payments of $1,625.52 are due at the end of each
month, with the first payment due on January 31, 2021.
Required:
1. Record the purchase of the building on January 1, 2021. (If no entry is required for a particular transaction/event, select "No
Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
1
Record the purchase of the building.
Note: Enter debits before credits.
Date
January 01, 2021
General Journal
Debit
Credit
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