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ABC Company purchases a machine for $20,000. The company pays $1,000 cash as a down payment, and records a 3 year note payable for the
ABC Company purchases a machine for $20,000. The company pays $1,000 cash as a down payment, and records a 3 year note payable for the balance of $19,000. The entry to record the purchase of the machine would include: Group of answer choices
--an increase to the Note Payable account for $20,000
--an increase to the Note Payable account for $19,000
--an increase to the Machinery account for $1,000
--an increase to the Machinery account for $19,000
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