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ard . bunding for $560,000, paying $36.000 cash and ming a 5% notefor the balance, secured by a mortgage on Be popety. The trma of the note pro do er 20sen payments of $30,000 on the principal plus the interest crued from the date of the preceding payment For a compound transaction, if an amount box does not require an entry, leave it blank a Joumaliae the entry to recond the transaction on une 30 Building otes Payable oumalize the entry to recond the peyment of the fist instaliment on December 31
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Answer General Journal Debit 560,000 400,000 Date Credit June 30 Building Land Notes Payable Cash 600,000 360,000 Dec 31 Notes Payable 30,000 15,000 Interest Expense ($600,000 * 5%* 6/12) Cash 45,000 June 30 Notes Payable 30,000 | 14,250 Interest Expense ($600,000-$30,000) * 5%* 6/12 Cash 44,250

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