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    rayaj's Avatar
    rayaj Posts: 1, Reputation: 1
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    #1

    Oct 11, 2008, 03:38 AM
    Notes payable
    How if I gave 10000 for my notes payable of 20000 and issued 60 days, 5% of th notes balance?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Oct 15, 2008, 02:04 PM

    YOur question does not make much sense.

    Did you receive something that cost $30,000 and you received Cash for $10,000 and issued a note payable for the rest of the $30,000.

    If this is the case then your journal entry will be:

    Debit the Equipment or Merchandise for 30,000
    Credit Cash for 10,000
    Credit Notes Payable for 20,000
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