Instructions Chart of Accounts Journal Instructions On June 30. Collins Management Company purchased land for $460,000 and a building for $520,000, paying $360,000 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 $31,000 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. Instructions Journal a Journalize the entry to record the transaction on June 30. Refer to the Chart of Accounts for exact wording of account titles JOURNAL ACCOUNTING DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITI 1 2 3 Instructions Chart of Accounts Journal Instructions Journal 6. Journalize the entry to record the payment of the first installment on December 31. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL ACCOUNTING DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILIT 2 3 ed asset purchases with note Instructions Chart of Accounts Journal Instructions Journal c. Journalize the entry to record the payment of the second installment the following June 30. Refer to the Chart of Accounts for exact wording of account the JOURNAL ACCOUNTING DATE DESCRIPTION POST. REF. DEBIT 1 CREDIT ASSETS LIABILIT 2