How would you journalize the closing entries for the month ended April 31, 2024? (*You credit retained earnings that journal) Transaction: April 1: Purchased two phones for a total of $10000 by paying $1234 down and signing a note payable for the rest. Interest of 10% to be paid with the note payable on December 1 next year. The phones expected to last 4 years.
How would you journalize the closing entries for the month ended April 31, 2024? (*You credit retained earnings that journal) Transaction: April 1: Purchased two phones for a total of $10000 by paying $1234 down and signing a note payable for the rest. Interest of 10% to be paid with the note payable on December 1 next year. The phones expected to last 4 years.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How would you journalize the closing entries for the month ended April 31, 2024? (*You credit
Transaction:
April 1: Purchased two phones for a total of $10000 by paying $1234 down and signing a note payable for the rest. Interest of 10% to be paid with the note payable on December 1 next year. The phones expected to last 4 years.
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