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

    Dec 14, 2011, 04:17 PM
    Purchased for 240,000 equipment formerly owned LMNOP rental. Paid 140,00 cash and is
    Purchased for 240,000 equipment formerly owned LMNOP rental. Paid 140,00 cash and issued a one-year not payable for 100,000. How do I journalize this
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Dec 14, 2011, 06:19 PM
    Debit Equipment for the total amount
    Credit Cash for 140,000
    Credit Notes Payable for the difference
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