Equipment costing $190000 is purchased by paying $70000 cash and signing a note for the remainder. The journal entry to record this transaction should include a O debit to Notes Payable for $120000. O credit to Equipment for $190000. credit to Cash for $70000. O debit to Notes Receivable for $120000. Save for Later Attempts: 0 of 1 used Submit Answer

Equipment costing $190000 is purchased by paying $70000 cash and signing a note for the remainder. The journal entry to record this transaction should include a debit to Notes Payable for $120000. credit to Equipment for $190000. credit to Cash for $70000. debit to Notes Receivable for $120000. You are presented with the list of items, selected from the financial statements of Saputo Inc: Instructions For each of the accounts, identify the following: a. The type of account (asset, liability, stockholders' equity). b. The normal balance of the account. c. The financial statement (income statement, retained earnings statement, or balance sheet) on which Saputo would report the account