Solution-Discuss the entry to record the purchase of the

Discuss the entry to record the purchase of the equipment

Reference no: EM131763896

On July 1, 2015, Ten Company purchased new equipment with a fair value of $48,000 in exchange for a $50,000, 2 year, 8% note. Principal and interest on the note are due on July 1, 2017. The entry to record the purchase of the equipment would include

Selected Answer: b.

A debit to "Discount on note payable" for $7,133

Correct Answer: c.

A debit to "Equipment" for $50,000

Reference no: EM131763896

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Discuss the entry to record the purchase of the equipment

Reference no: EM131763896

Reference no: EM131763896

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Accounting Basics Questions & Answers

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Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

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