Please let me know if I did the first journal correct and help me with the secon
ID: 2429659 • Letter: P
Question
Please let me know if I did the first journal correct and help me with the second thank you! Ethal Company puarchased a buildng with a market value of $325,000 and Iland with a market vakue of 960,000 on January 1,2018 Ethel Company paid $45,000 cash and signed a 12-year, 10% mortgage payable for the balance Requirements 1 Journalize the January 1,2018, purchase 2 Jounalice the frst montly payment of $5,777 on January 31, 2018 (Round to the nearest dolar) Date Debi Credit 2013 325 000 60.000 Morngage Payable Coose from any intorerner any number ntherpt tees ?dthen connue to the nest sonExplanation / Answer
2018
Jan. 1
Req. 2
2018
Jan. 31
Date Accounts and Explanation Debit Credit2018
Jan. 1
Building 325000 Land 60000 Mortgages Payable 340000 Cash 45000 Purchased building and land with a mortgages payable and cash payment