Fixed asset purchases with note Instructions Chart of Accounts Instructions Journal On June 30, Collins Management Company purchased land for $420,000 and a building for $580,000, paying $340,000 cash and issuing a 4% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $33,000 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. Refer to the Chart of Accounts for exact wording of account titles.

Fixed asset purchases with note Instructions On June 30, Collins Management Company purchased land for $420,000 and a bulding for $580,000, paying $340,000 cash and issuing a 486 note foc the balance, secured by a mortgage on the sroperty. The terms of the note provide for 20 semiannual payments of 533,000 on the principal plus the interest accrued from the date of the preceding payment Journalize the entry to recard (a) the transaction on June 30, (b) the payment of the first instaiment an December 31, and (c) the payment of the second installmer the following sune 30. Aofer to the Chart of Accounts for exact wording of account thifes. On June 30, Collins Management Company purchased land for $420,000 and a bulding for $530,000, paying $340,000 cash and issuing a 4% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $33,000 on the principal plus the intetest 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 instaliment on December 31 , and (c) the payment of the second instalimen the following June 30. Refer to the Chart of Accounts for exact wording of account titles