On July 31, 2016, a company purchased equipment for $150,000, paying $40,000 cash and signing a 5%
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(a) The purchase of the equipment on July 31, 2016.
(b) The accrual of the interest at year end, November 30, 2016, assuming interest has not previously been accrued.
(c) The repayment of the interest and note on January 31, 2017.
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Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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