A Company Purchased Equipment for Use in the Business at a Cost

question 43

Multiple Choice

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:

• A)debit to Notes Payable of $27,000.
• B)debit to Cash of $36,000.
• C)credit to Notes Payable of $27,000.
• D)debit to Equipment of $9,000.

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Definitions:

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