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Question: 66 Assume that a new truck is acquired by the Lawndale Company for $40,000. Cash of $10,000 is paid now but a note payabledue

Question: 66

Assume that a new truck is acquired by the Lawndale Company for $40,000. Cash of $10,000 is paid now but a note payabledue in several yearsis signed for the remaining $30,000. This transaction impacts three accounts rather than just two. How is a journal entry constructed when more than two accounts have been affected?

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