what-is-the-journal-entry-for-exchanging-a-200000-note-payable-for-land

Question

What is the journal entry for exchanging a $200,000 note payable for land?

Accepted Answer

Debit Land $$200,000; Credit Note Payable 200$$,000

Answer

Debit Land $$200,000; Credit Cash 200$$,000

Answer

Debit Note Payable $$200,000; Credit Land 200$$,000

Answer

Debit Cash $$200,000; Credit Land 200$$,000

What is the journal entry for exchanging a \$200,000 note payable for land?