journal

Kingston Clothing purchased land, paying $105.000 cash and signing a $230,000 note payable. In addition, Kingston pald delinquent property tax of $1,700, uitle Insurance costing $1,250, and $4,800 to level the land and remove an unwanted building Record the journal entry for purchase of the land Begin by determining the cost of the land, Purchase price of land $ 335 000 Add related costs Property taxes 1.700 Title insurance 1.250 4.800 7750 Removal of building $342750 Total cost of land Record the journal entry for purchase of the land. (Record a single compound Journal entry. Record debits first then credits Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit Land 342,750 ecord the journal entry for purchase of the land. (Record a single compound journal entry Record debits first, then credits Select the explanation on the last line the journal entry table. Date Accounts and Explanation Debit Credit Land 342,750 Cash 105 000 Notes Payable 230,000 To record purchase of land with cash and nole payable