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Your company needs a new computer system. The total cost of the new system is $35,000. There is only $15,000 in cash free to purchase
Your company needs a new computer system. The total cost of the new system is $35,000. There is only $15,000 in cash free to purchase the system, but you are able to secure a bank loan for $20,000. To create a journal entry, match up the accounts to the Debit or Credit amount. Computer System Choose... + Cash Choose... Loan payable Choose... CR 35,000 DR 15,000 DR 20,000 CR 20,000 CR 15,000 DR 35,000 Next
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