How to journalize this transaction

knb5519 Posts: 1, Reputation: 1

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Nov 12, 2012, 08:46 PM

How to journalize this transaction

Chow buddies purchased a computer system for 415,000;paid $3,000 down and signed a 1 year 11% note for the balance

Is it to be journalized as Equpiment 15,000, cash 3,000 and accounts payable at 12,000

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