Question
On May 5, Crosbie's Drug Strore purchased a new photocopier worth $7,000 before taxes (HST=13%). They paid for it with $2,000 down payment, and
On May 5, Crosbie's Drug Strore purchased a new photocopier worth $7,000 before taxes (HST=13%). They paid for it with $2,000 down payment, and a note payable for the rest. The note will be due in 120 days' time, and has an interest rate of 10% attached to it. Provide the original entry for the photocopier purchase, and show the payment of the note when it is due.
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
12th Edition
978-0073526706, 9780073526706
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