Find journal entry to record the purchase of two assets


Problem: On November 23, 20X5, Hernandez Corp. purchased a building and a machine for a combined cost of $850,000. The company paid $250,000 in cash and financed the remaining amount by taking out a three-year, 12% installment note. The building and machine have appraisal values of $585,000 and $315,000, respectively. Question: The journal entry to record the purchase of these two assets should include a: Question Select one or more: a. Credit to the "Note Payable" account for $850,000. b. Debit to the "Building and Machine" account for $850,000. c. Debit to the "Machine" account for $297,500. d. Debit to the "Building" account for $162,500. e. Debit to the "Building" account for $585,000.

 

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Accounting Basics: Find journal entry to record the purchase of two assets
Reference No:- TGS03425696

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