Problem 4: We purchased with a piece of equipment with a cost of $10,000 on a note payable for 90 days. The note discounted at 5%.

Please help with missing answers, and double check my current answers.

Problem 4 (9 points) We purchased with a piece of equipment with a cost of $10,000 on a note payable for 90 days. The note is discounted at 5%. A) What is the journal entry for the purchase of the equipment? Debit Credit 10,000 Equipment Notes payable 10,000 B) What is the journal entry for the payment of the note payable? Debit Credit Notaes payable Interest Cash 10,000 125 10125 Problem 5 (9 points) We purchased with a piece of equipment with a cost of $20,000 on a note payable for 90 days. The note is an interesting bearing note at a rate of 5% A) What is the journal entry for the purchase of the equipment? Debit Credit B) What is the journal entry for the payment of the note payable? Debit Credit