10/1. Escrow for property purrchase asset account record the check.
10/8 journal entry debit fixed asset for the property, 50k, credit cash clearing account for 50k. Add a clearing bank type account. Debit your closing costs from HUD-1. I find it difficult to believe you did mot have transfer taxes, legal fees, taxes, unpaid utilities etc etc etc with the purchase. Unless you never took title.
2nd journal entry onn10/8 credit the propertt asset 50,000 credit cash income 2,000, debit cash clearing 50k, credit escrow 1k. Debit bank account 3k.
Actuallynif younnever took title alll you would need to record is the escrow and 2k for sales commission.
But like i said i still find it hard to fathom you did notbtake legal title which all said and done 2k might cover settlement costs.
