I have set up a long term liability account with a starting balance of $175,000. for purchase of ground. However, when we had our closing with the bank we paid $75,000. down payment. Where and how do I post the entry for the $75k down? The total ground price was $250,000. So I set the long term liability up with a balance owed of $175k.
Do I need to link this long term account with another asset account?
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