Question
On January 1, 2020, Supermall Inc acquired a machinery with cash price of P750,000 for P1,000,000. The entity paid P200 and signed a noninterest bearing
On January 1, 2020, Supermall Inc acquired a machinery with cash price of P750,000 for P1,000,000.
The entity paid P200 and signed a noninterest bearing note for the balance which is payable in 4 equal installments every Dec 31 of each year.
Required:
Prepare the journal entries for 2020.
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Auditing
Authors: Alan Millichamp, John Taylor
12th Edition
1473778999, 9781473778993
