If you borrowed money to acquire land, which account increases? Both Land, Buildings and improvements and Real Estate Notes Payable. Non-Current Cash Land, Buldings and improvement Real Estate Notes Payable Non-Current Question 5 2pts What account is credited when you purchase a lease contract? Obligations on Lessed Assets Leased Asset Cash Machinery and Equipment Question 6 2 pts What account is credited when you make a payment on the lease contract? Cash Obligations on Leased Assets Leased Asset Machinery and Equipment