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Toy Company bought a new motor vehicle worth $50,000. They paid $15,000 down and took out a loan from TD Bank for the balance.
Toy Company bought a new motor vehicle worth $50,000. They paid $15,000 down and took out a loan from TD Bank for the balance. How would the event be recorded? Multiple Choice O Dr. Cash $15,000, Dr. Bank loan $35,000, Cr. Capital asset (truck) $50,000 Dr. Capital assets (truck) $35,000. Cr. Cash $15,000, Cr. Bank loan $35,000 None of the other alternatives are correct Dr. Bank loan $35,000, Dr. Capital assets (truck) $50,000 Cr. Cash $15,000 Cr. Bank Loans Payable $70,000 Dr. Capital assets (truck) $50,000, Cr Cash $5,000, Cr. Bank loan $45,000
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