journal entries

8. Purchased a parcel of land on March 1,2022 for $950,000 by paying $490,000 in cash and signing a short-term note payable with the seller for $460,000. The company must repay the $460,000 in exactly one year on March 1, 2023. The company agreed to pay the seller 5 percent interest (annual rate) on a quarterly basis (June 1, September 1, December 1, 2022, and March 1, 2023). [Adjusting Entry Required] 9. On March 19th the company purchased $24,000 of office supplies from Super Office Supplies with cash. 10. On March 20th the company received a payment of $41,000 for 200 hours of service to be performed in the future