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Prepare the appropriate journal entry to record the purchase

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Question - On October 1, 20X4, Farmer Engineering Services purchased a new laser surveying instrument. Farmer paid $5,000 down and executed the following promissory note.

(a) Prepare the appropriate journal entry to record the purchase on October 1, 20X4.

(b) Prepare the appropriate journal entry to record the year-end interest accrual on December 31, 20X4.

Reference no: EM132070262

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