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On October 8 th Mechanics, Inc. purchase a new work truck for $45,000. They paid $10,000 cash and took on note payable for $35,000 to
On October 8th Mechanics, Inc. purchase a new work truck for $45,000. They paid $10,000 cash and took on note payable for $35,000 to finance the purchase. Record the initial purchase and first payment of $550 on November 1st (ignoring interest expense).
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