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Liabilities and Equity Exercises II

On October 1, 20X4, River Woods purchased land by giving $200,000 in cash and executing a $800,000 note payable to the former owner. The note bears interest at 8% per annum, with interest being payable annually on September 30 of each year. Rojas is also required to make a $200,000 payment toward the note’s principal on every September 30. a) Prepare the appropriate journal entry to record the land purchase on October 1, 20X4. b) Prepare the appropriate journal entry to record the year-end interest accrual on December 31, 20X4. c) Prepare. | bookboon.com Liabilities and Equity Exercises II Larry M. Walther Christopher J. Skousen Download free books at bookboon.com Larry M. Walther Christopher J. Skousen Liabilities and Equity Exercises II Download free ebooks at bookboon.com 2 Liabilities and Equity Exercises II 2011 Larry M. Walther Christopher J. Skousen Ventus Publishing ApS. All material in this publication is copyrighted and the exclusive property of Larry M. Walther or his licensors all rights reserved . ISBN 978-87-7681-776-3 Download free ebooks at bookboon.com