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Snowbot Snow Removal Company of Halifax purchased some snowplow equipment on March 10, 2020, that had a cost of $150,000 (ignore GST/PST). Prepare the journal
Snowbot Snow Removal Company of Halifax purchased some snowplow equipment on March 10, 2020, that had a cost of $150,000 (ignore GST/PST). Prepare the journal entries that would record this purchase and payment under these three separate situations a. The company paid cash for the full purchase price. View transaction list Journal entry worksheet 1 Record the purchase of equipment for cash. Note: Enter debits before credits Date Mar 10, 2020 General Journal Debit Credit b. The company purchased the equipment on credit with terms 1/30, n/60. Payment was made on April 9, 2020. View transaction list Journal entry worksheet 1 2 Record the purchase of equipment on credit; terms 1/30, n/60. Note: Enter debits before credits. Date Mar 10, 2020 General Journal Debit Credit 1 c. The company signed a 12%, one-year note for the full purchase price. The note was paid on March 10, 2021, the maturity date. Ignore year-end accruals. View transaction list Journal entry worksheet 1 2 Record the purchased equipment with a note. Note: Enter debits before credits. Date Mar 10, 2020 General Journal Debit Credit
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