what-is-the-journal-entry-for-exchanging-a-150000-note-payable-for-land

Question

What is the journal entry for exchanging a $150,000 note payable for land?

Accepted Answer

Debit Land $$150,000; Credit Note Payable 150$$,000

Answer

Debit Cash $$150,000; Credit Land 150$$,000

Answer

Debit Note Payable $$150,000; Credit Land 150$$,000

Answer

Debit Land $$150,000; Credit Cash 150$$,000

What is the journal entry for exchanging a \$150,000 note payable for land?