Prepare journal entries to record purchase of land on, Accounting Basics

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Prepare journal entries to record purchase of land on

Problem:

On January 1, 2015, West Company acquired a tract of bond for P1,000,000. The entity paid P100,000 down and signed for two-year promissiory note for the balance plus 10% international compounded annually. The note matures on January 1,1%,

Required:

Prepare journal entries to record:

1. Purchase of land on January 1, 2015

2. Accrued interest on December 31, 2015

3. Accrued interest on December 31, 2016

4. Full payment of the note on January 1, 2017

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Accounting Basics: Prepare journal entries to record purchase of land on

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