Question
Question 1 On July 31, 2016, a company purchased equipment for $133,200, paying $42,000 cash and signing a 6% note payable for the remainder. The
Question 1
On July 31, 2016, a company purchased equipment for $133,200, paying $42,000 cash and signing a 6% note payable for the remainder. The interest and principal of the note are due on January 31, 2017.
Prepare the journal entry to record the purchase of the equipment on July 31, 2016.
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Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
12th edition
1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411
