Chavez Corporation purchased a truck with a price of $60,000. Chavez signed a 6-month note for the

Question:

Chavez Corporation purchased a truck with a price of $60,000. Chavez signed a 6-month note for the purchase, subject to a 2% cash discount if paid in 60 days. Prepare the journal entry to record the purchase of this truck.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...