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24 November, 18:09

A company purchased equipment for use in the business at a cost of $36,000, one-fourth was paid in cash, and the company signed a note for the balance. The journal entry to record this transaction will include a:

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  1. 24 November, 22:09
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    1. Dr Equipment 36000

    Cr Cash 9000

    Cr Notes payable 27000

    (To record entry of equipment purchase on cash and on promissory note)

    Explanation:

    Equipment = 36000

    Paid in cash = 36000 / 4 = 9000 and balance 36000-9000=27000 to be signed promissory note.
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