Second part is :Prepare the journal entry to record the related year-end adjusting entry on December 31

Instructions 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. Required: Prepare journal entries to record the sale of the land and the related year-end adjusting entry. General Journal Prepare the journal entry to record the sale of the land on October 1