What are the adjusting journal entries for each month (june, september, december, march)?
Purchased a parcel of land on March 1, 2019 for $650,000 by paying $425,000 in cash and signing a short-term note payable with the seller for $225,000. You must repay the $225,000 in exactly one year on March 1, 2020. You agree to pay the seller 4.5 percent interest (annual rate) on a quarterly basis (June 1, September 1, December 1, 2019, and March 1, 2020).
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What are the adjusting journal entries for each month (june, september, december, march)?
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