Accounting??

Question

how can I record this in general journal(financial accounting),

Purchased land valued at 420,000Php and a small office building valued at 1,280,000Php, paying cash of 500,000Php cash and signing 5 notes payable for 240,000Php each due after every six months.

Answer 1

Dr  Land 420,000Php

Dr  Building valued at 1,280,000Php

Cr  Cash 500,000Php

Cr  Notes payable (current liabilities) 480,000Php

Cr  Notes payable (long-term liabs) 720,000Php