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Nash Corporation purchased a computer on December 31, 2024, for $109,200, paying $31,200 down and agreeing to pay the balance in five equal installments of $15,600 payable each December 31 beginning in 2025. An assumed interest rate of 9% is implicit in the purchase price. (a) Your answer is partially correct. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date .31, 2024 Account Titles and Explanation Equipment Discount on Notes Payable Notes Payable Cash Debit Credit 78000 31200

Nash Corporation purchased a computer on December 31, 2024, for $109,200, paying $31,200 down and agreeing to pay the balance in five equal installments of $15,600 payable each December 31 beginning in 2025. An assumed interest rate of 9% is implicit in the purchase price. (a) Your answer is partially correct. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date .31, 2024 Account Titles and Explanation Equipment Discount on Notes Payable Notes Payable Cash Debit Credit 78000 31200

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Nash Corporation purchased a computer on December 31, 2024, for $109,200, paying $31,200 down and agreeing to pay the balance in five equal installments of $15,600 payable each December 31 beginning in 2025. An assumed interest rate of 9% is implicit in the purchase price. (a) - Your answer is partially correct. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date 31, 2024 Account Titles and Explanation Equipment Discount on Notes Payable Notes Payable Cash Debit 11 Credit 78000 31200
Transcribed Image Text:Nash Corporation purchased a computer on December 31, 2024, for $109,200, paying $31,200 down and agreeing to pay the balance in five equal installments of $15,600 payable each December 31 beginning in 2025. An assumed interest rate of 9% is implicit in the purchase price. (a) - Your answer is partially correct. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date 31, 2024 Account Titles and Explanation Equipment Discount on Notes Payable Notes Payable Cash Debit 11 Credit 78000 31200
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