On October 1, Bandor Company sold land (that cost $30,000) on credit for $35,000. The buyer issued an 8%, 12-month note for this amount, with the interest to be paid on the maturity date.

Prepare the journal entry to record the sale of the land on October 1. PAGE 10 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 Prepare the journal entry to record the related year-end adjusting entry on December 31. PAGE 12 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Adjusting Entries 2 3