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On October,2016. Beach Company purchased equipment at a cost of $40,000. signing a nine-month. 4% note payable forthat amount. Record the October 1 purchase. Also

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On October,2016. Beach Company purchased equipment at a cost of $40,000. signing a nine-month. 4% note payable forthat amount. Record the October 1 purchase. Also record the adjusting entry needed on December 31, 2016. and payment of the note plus interest at maturity on July 1. 2017. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by recording the October 1 purchase

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