journal entry paid cash 360000$ to purchase a building

Question

anonymous · Answer

Building and cash are both assets.  Debits increase both and credits decrease both on the "T" Accounts. 

Building increases and Cash decreases.

amistre64 · Answer

I believe it looks like this

(A) Cash         360,000
(A)    Building                  360,000

gw2011 · Answer

A journal entry would like:

Building               360,000
     Cash                                    360,000

In other words, you would debit Building and credit Cash.  The journal entry would also require putting in the year, month and day.

amistre64 · Answer

yeah, i spose cash would decrease and building increase :)