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Prepare the journal entry to record the purchase

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Question - On July 31, 2016, a company purchased equipment for $133,200, paying $42,000 cash and signing a 6% note payable for the remainder. The interest and principal of the note are due on January 31, 2017. Prepare the journal entry to record the purchase of the equipment on July 31, 2016.

Reference no: EM132569418

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