On May 5, Crosbie's Drug Strore purchased a new photocopier worth $7,000 before taxes (HST=13%). They...

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On May 5, Crosbie's Drug Strore purchased a new photocopier worth $7,000 before taxes (HST=13%). They paid for it with $2,000 down payment, and a note payable for the rest. The note will be due in 120 days' time, and has an interest rate of 10% attached to it. Provide the original entry for the photocopier purchase, and show the payment of the note when it is due. On May 5, Crosbie's Drug Strore purchased a new photocopier worth $7,000 before taxes (HST=13%). They paid for it with $2,000 down payment, and a note payable for the rest. The note will be due in 120 days' time, and has an interest rate of 10% attached to it. Provide the original entry for the photocopier purchase, and show the payment of the note when it is due.

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Journal entry Particular Debit Credit photocopier ac 7000 cas... View the full answer