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:
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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:
Dr. Equipment 180,000
Cr. Cash 70,000
Cr. Notes Payable 110,000
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