Building purchase and magazine subscription - Journal entry
Not what you're looking for?
1) A company buys a building with an appraised value of $100,000 for $30,000 cash and the assumption of a 25 year, 10% mortgage with a balance of $60,000
2) a publisher sells $2,000 in magazine subscription that will be filled over the next 12 months.
Please prepare the journal entries.
Purchase this Solution
Solution Summary
The solution explains the journal entry for building purchase and magazine subscriptions.
Solution Preview
1. The total amount paid is 30,000 cash + 60,000 of mortgage=$90,000. The appraised value is not relevant. We need to look ...
Purchase this Solution
Free BrainMass Quizzes
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.
Operations Management
This quiz tests a student's knowledge about Operations Management
Basics of corporate finance
These questions will test you on your knowledge of finance.