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    paris102's Avatar
    paris102 Posts: 5, Reputation: 1
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    #1

    Apr 4, 2007, 05:45 PM
    Journilizing entries
    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's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

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