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A company needed a new building. It found a suitable location with an existing old building on the land. The company reached an agreement to buy the land and the building for $960,000 cash. The old building was demolished to make way for the needed new building. Following is information regarding the demolition of the old building and construction of the new one:
Prepare a single journal entry to record the above costs assuming all transactions are paid in cash.
Create Purchase Order
The process of generating a document that authorizes a purchase transaction for goods or services from a supplier.
Vendor Transaction
A financial exchange or deal occurring between a business and a vendor, often related to the purchase of goods or services.
Receive Inventory
The process of accepting and documenting the arrival of goods or materials into a warehouse or storage facility.
Create Sales Receipt
A document that records a transaction where payment is received at the point of sale.
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