Practice Exercise 8 (Part Level Submission) On November 1, 2017, Cullumber Inc. purchased equipment costing $111,500 paying down cash of $82,700 and signing a 1196, 3-month note payable for the remaining balance. Cullumber has a fiscal year end of December 31. AME does not use reversing entries. ? (a) Prepare the journal entries to record the purchase of the equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit November 1