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On June 1, 2014 Ted Leo buys a copier machine for his business and finances this purchase with cash and a note. The copier cost $5,000 and Leo made a down payment of $1,000 in cash and financed the remaining
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On June 1, 2014 Ted Leo buys a copier machine for his business and finances this purchase with cash and a note. The copier cost $5,000 and Leo made a down payment of $1,000 in cash and financed the remaining $4,000 with a note. What journal entry would you prepare (explain your entry)?

User AsThoughtWill
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Purchase (Dr) 5000
Not payable (Cr) 4000
Cash (Cr) 1000
User Chris Rymer
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