On May $1,2024,$ XYZ Corporation received $$30,000$ from customers for services to be provided evenly over the next six months. Record the journal entry to reflect the receipt of cash in advance.

ABC Company purchased land for $$50,000$ on June $1,2024,$ paying $$20,000$ in cash and signing a note payable for the remainder. Record the journal entry to reflect the acquisition of land.

On July $1,2024,$ XYZ Corporation retired $$50,000$ of its bonds payable at $103.$ Record the journal entry to retire the bonds payable.

$***$This question already posted and got correct answer. Don't answer this question If you answer i will give $10$ dislikes.$****$