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General Accounting Discussions: Journalizing problems

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  1.  
    • CommentAuthorparis102
    • CommentTimeApr 4th 2007
     
    I am working on a project and I have some entries that I am not sure about. Please can someone help. Here is the first one.

    1. Purchased for $180,000.00 all of the equipment formerly owned by Rent-It. Paid $70,000.00 cash and issued a one-year note payable for $110,000.00, Plus interest ad the annual rate of 9%.
    • CommentAuthorbelavia
    • CommentTimeApr 6th 2007
     
    Debit Equipment 180,000, Credit Cash 70,000 and Credit Note Payable 110,000.
    In a note disclose the terms of the note.
  3.  
    when you pay the note: Debit Note payable110,000 and interest 9,900 credit Cash 119,900
    Thankful People: cmillard2005

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