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On June 1, Campbell Corporation purchased ten acres of land in exchange for a promissory note in the amount of $50,000. Using the formats shown in Example 3-6, prepare the journal entry to record this...

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On June 1, Campbell Corporation purchased ten acres of land in exchange for a promissory note in the amount of $50,000. Using the formats shown in Example 3-6, prepare the journal entry to record this transaction in a general journal and post it to the appropriate general ledger accounts. The entry will be recorded on page 7 of the general journal. Use whatever account numbers you like in the general ledger. Assume that none of the accounts to be debited or credited currently contain a balance. If at a later date you wanted to review this transaction, would you examine the general ledger or the general journal? Explain your answer.

Answered Same Day Dec 22, 2021

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Robert answered on Dec 22 2021
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