Problem 5 (9 points) We purchased with a piece of equipment 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 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 B) What is the journal entry for the payment of the note payable? Debit Credit