On October 1, 20X4, Farmer Engineering Services purchased a new laser surveying instrument. Farmer paid $5,000 down
Question:
On October 1, 20X4, Farmer Engineering Services purchased a new laser surveying instrument. Farmer paid $5,000 down and executed the following promissory note:
(a) Prepare the appropriate journal entry to record the purchase on October 1, 20X4.
(b) Prepare the appropriate journal entry to record the year-end interest accrual on December 31, 20X4.
(c) Prepare the appropriate journal entry to record the payment of the note and accrued interest on September 30, 20X5.
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