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    Journaling assets accounting 101

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    July 2 Bought Splashdown in it's entirety for a total price of $540,800. The assets include pool furniture, $3,800; the pool/slide facility(includes filter system, pools, pump, and slides), $148,800; building, $96,200; and land, $292,000. Paid $120,000 down and signed a mortgage note for the remainder. Journalise the transaction.

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    July 2 Pool Furniture 3800
    Pool ...

    Solution Summary

    The solution journalise the purchase of Splashdown business.