2. Splish Enterprises purchased store equipment by making a $3,000 cash down payment and signing a 1-year, $34,500, 10% note payable. The purchase was recorded as follows. Equipment Cash Notes Payable Interest Payable 40,950 3,000 34,500 3,450

2. Splish Enterprises purchased store equipment by making a $3,000 cash down payment and signing a 1-year, $34,500,10% note payable. The purchase was recorded as follows