A company purchased land costing $27,000 by paying cash of $6,750 and signing a 90-day note for the balance.The entry to record this transaction would:

Name: A company purchased land costing $27,000 by paying cash of $6,750 and signing a 90-day note for the balance.The entry to record this transaction would:
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Question

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The purchase of land increases total assets by the value of the land. The cash payment decreases assets, but the note payable increases liabilities, resulting in a net increase in total assets.

A Company Purchased Land Costing $27,000 by Paying Cash of $6,750