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Smith Co. purchased a new office building by signing a $500,000, 7%, mortgage note payable on January 1, 2019. The terms provide for semiannual installment
Smith Co. purchased a new office building by signing a $500,000, 7%, mortgage note payable on January 1, 2019. The terms provide for semiannual installment payments of $50,000 on June 30 and December 31. Prepare the journal entry to record the purchase of the building. < + Date Description+ Prepare the journal entry for the first payment. < 0'+ + Date Description+ Prepare the journal entry for the second payment. 07 Date Description+ + Debit+ Credit + + Debit+ Credit+ 12 Debit+ Credit+ + t +
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