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    jtout898's Avatar
    jtout898 Posts: 1, Reputation: 1
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    #1

    Nov 24, 2006, 08:56 AM
    I need help with a transaction involving more than one journal entries, Please Help!
    I have a transaction that I know requires me to do more than one thing when recording it into my journal entries. I am doing a Project for my financial Accounting course and I would appreciate any kind of help. Thanks!


    Here's the transaction...

    Purchased office equipment for $15,600. Paid $3,600 cash with the balance financed with the bank (three-year note payable, interest at 8% APR) The office equipment has a 5-year useful life.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Nov 24, 2006, 03:37 PM
    Purchase of Equipment:
    Dr. Equipment 15,600
    Cr. Cash 3,600
    Cr. Notes Payable 12,000
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