Fixed asset purchases with note Instructions Chart of Accounts Journal Instructions On June 30, Colins Management Company purchased land for $500,000 and a building for $540,000, paying $360,000 cash and issuing a 6. rote for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $34,000 on the principal plus the interest accrued from the date of the preceding payment Journalce 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 Chart of Accounts Journal Chart of Accounts CHART OF ACCOUNTS Collins Management Company General Ledger REVENUE ASSETS 410 Sales 110 Cash 610 Interest Revenue 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Goods Sold 520 Salaries Expenso 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Ront Expono 532 Depreciation Expense-Office Equipment 533 Insurance Expense LIABILITIES 534 Supplies Expense 42. Pan Tay 21 Anu Pava Fixed asset purchases with note Instructions Chart of Accounts Journal Chart of Accounts 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income Tax Payable 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unlunded Pension Liability 228 Product Warranty Payable 229 EPA Fines Payable 230 Litigation Claims Payable 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Damage Awards and Fines 541 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings Fixed asset purchases with note Instructions Chart of Accounts Journal Journal Scroll down to access pages 2 through 3 of the journal 2. Journalist the entry to record the transaction on June 30. Refer to the Chart of Accounts for exact wording of account is PAGE 1 ACCOUNTING EQUATION JOURNAL LUBILITIES COUTY DET CREDIT POST, DATE DESCRIPTION Joumate the entry to record the payment of the finalment on December 31. Afer to the Chart of Accounts for exact wording of account ACCOUNTING EQUATION JOURNAL DI CREDIT AISIS LUMES OUTY POUL REY DATE DESCRIPTION Previous Next > Check My Work
