t: Chapter 9 Test Time Remaining: 00-29:34 Subn Question: 5 pts 13 of 15(12 comp

Question

t: Chapter 9 Test Time Remaining: 00-29:34 Subn Question: 5 pts 13 of 15(12 complete) This Test: 53 pts p kwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: (Click the ico, to view the values.) alwood paid $265,000 in cash. Record iaces, and use te omoued percent xplanation on the last line of the journal e te Land account. Round decimals to ord debits first, then credits. Select ata Date Lot Appraised Value 1$45,000 315,000 90,000 PrintDone Choose from any list or enter any number in the input felds and then continue to the next question Activity Detaills You have viewed this topic 0 FS FI 00 F 0 2 4

Explanation / Answer

Journal Entry to record the transaction:

Date Account and Explaination Debit Credit Land Lot 1 $26500 Land Lot 2 $185500 Land Lot 3 $53000 To Cash $265000 (To record purchase of lots with cash)

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