How to record this journal entry? bought 2 computers for a total of $7200 by paying...
How to record this journal entry?
bought 2 computers for a total of $7200 by paying $675 down and signing a note payable for the rest. The interest of 10% to be paid with the note payable on next yr. The computers are expected to last 2 yrs.
Homework Answers
Cost price of two computers = $7,200
Down payment = $675
Note payable = Cost price of two computers - Down payment
= 7,200 - 675
= $6,525
Journal
| Equipment (Computers) | 7,200 | ||
| Cash | 675 | ||
| Note payable | 6,525 | ||
| (To record purchase of computers) |
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How to record this journal entry?
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