The Purchase of Land for a Combination of Cash and a 15-Year

question 37

Multiple Choice

The purchase of land for a combination of cash and a 15-year note would require which of the following entries?

• A)Dr.Land, Dr.Cash, Cr.Long-term note payable
• B)Dr.Land, Cr.Cash, Cr.Long-term note payable
• C)Dr.Cash, Cr.Long-term note payable, Cr.Land
• D)Dr.Land, Dr.Long-term note payable, Cr.Cash

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