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OPQ Ltd. purchased a vehicle for $30,000 on December 5, 2023, paying $5,000 in cash and financing the remaining $25,000 with a loan. Record the

OPQ Ltd. purchased a vehicle for $30,000 on December 5, 2023, paying $5,000 in cash and financing the remaining $25,000 with a loan. Record the journal entry for the purchase and explain the impact on the balance sheet.

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