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paris102
Apr 4, 2007, 05:45 PM
Question: How do I journalize this entry.

Purchased for $180,000 all of the equipment formerly owned by Rent-It. Paid $70,000 cash and issued a one year note payable for $110,000,plus interest at the annual rate of 9%.:confused:

CaptainForest
Apr 4, 2007, 07:29 PM
Dr. Equipment 180,000
Cr. Cash 70,000
Cr. Notes Payable 110,000