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What is the journal entry for this transaction: Jethro bought an SUV at a value of $50,000 for his business, paid 11% down payment, and
What is the journal entry for this transaction: Jethro bought an SUV at a value of $50,000 for his business, paid 11% down payment, and finances the remainder with a note.
Debit SUV, $50,000, credit cash $5,500, credit accounts payable $44,500
Debit SUV, $50,000, credit cash $5,500, credit accounts receivable $44,500
Debit SUV, $50,000, credit cash $5,500, credit notes payable $44,500
Debit SUV, $50,000, credit cash $50,000
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