On December 31 of the current year, Jones Company purchased a building for $100,000, paying $40,000 in cash and signing a 15-year mortgage for the $60,000, taken out at 5% interest. The journal entry to record the purchase of the building would be: ANSWER Unselected Date Accounts Debit Credit Building 100,000 Mortgages Payable 60,000 Cash 40,000 Unselected Date Accounts Debit Credit Building 100,000 Interest Expense 3,000 Mortgages Payable 60,000 Cash 43,000 Unselected Date Accounts Debit Credit Mortgages Payable 60,000 Cash 40,