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Riddle me this!
We give a customer a piece of equipment under a five year note. No interest. We ship the equipment right from the manufacturing.
Equipment cost us 2,000
Amount of loan is 2,500
What are the journal entries for the purchase of equipment and related loan? Do I need to input interest ?
Thanks!
We give a customer a piece of equipment under a five year note. No interest. We ship the equipment right from the manufacturing.
Equipment cost us 2,000
Amount of loan is 2,500
What are the journal entries for the purchase of equipment and related loan? Do I need to input interest ?
Thanks!