Which of the following journal entries is correct when a business entity purchases a building by paying cash and signing a note payable?
A) Building
$ \quad $Cash
$ \quad $Notes Payable
B) Building
$ \quad $Cash
C) Cash
Notes Payable
$ \quad $ $ \quad $Building
D) Building
Cash
$ \quad $Notes Payable

Question

Which of the following journal entries is correct when a business entity purchases a building by paying cash and signing a note payable?
A) Building
 $ \quad $Cash
 $ \quad $Notes Payable
B) Building
 $ \quad $Cash
C) Cash
Notes Payable
 $ \quad $ $ \quad $Building
D) Building
Cash
 $ \quad $Notes Payable

Quizplus · Accepted Answer

The Answer of Which of the following journal entries is correct when a business entity purchases a building by paying cash and signing a note payable?
A) Building
 $ \quad $Cash
 $ \quad $Notes Payable
B) Building
 $ \quad $Cash
C) Cash
Notes Payable
 $ \quad $ $ \quad $Building
D) Building
Cash
 $ \quad $Notes Payable

Which of the Following Journal Entries Is Correct When a Business