Paper instructions:
How would I enter the following information into the general journal?
June 16: Byte purchased a building and the land it is on for $107,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $17,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $10,700 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1.
How would I enter the following information into the general journal?
June 16: Byte purchased a building and the land it is on for $107,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $17,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $10,700 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1.
Also: Do I need to journalize the bills the company got? Example:
June 17: Received a bill of $375 from the local newspaper for advertising.
June 17: Received a bill of $375 from the local newspaper for advertising.
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