Preparing a budget is a simple six-step process.
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The journal entry of a building being purchased will be, a debit in the building account by $60,000; and the cash account and payables account will be credited by $20,000 and $40,000 respectively.
<h3>What is a Journal Entry?</h3>A method of recording the monetary transactions of a business firm throughout a financial period, in such a way that effects of the same are reflected in the financial statements, is known as recording of journal entries.
Hence, the effect of the journal entry has been given above, and an image is also provided for better understanding of the concept for the readers.
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