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Prepare the general journal entry to record the payment

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Question - A company prepares quarterly adjusting entries. On August 1, 2017, A company purchased equipment with a sticker price of $8,515 and signed a note due in 9 months for 10,000 that included interest in the value of that note. Use this information to prepare the general journal entry for Aug 1 equipment purchase. Additionally prepare the general journal entry to record the payment of the note when due in 2018.

Reference no: EM131894130

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