Brief Exercise 3-12 On July 31, 2016, a company purchased equipment for $148,800, paying $42,000 cash and signing a 6% note payable for the remainder: The interest and principal of the note are due on January 31, 2017. Prepare the journal entry to record the purchase of the equipment on July 31, 2016. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit July 31/16 l l l l l l Prepare the journal entry to record the accrual of the interest at year end, November 30, 2016, assuming interest has not previously been accrued. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Date Account Title: and Explanaon Debit Credit Nov. 30/15 ' ' i I I ' Prepare the journal entry to record the repayment of the interest and note on January 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Date Amount Titles and Explanation Debit Credit Jan. 31/17