On October​ 1, 2018​, Chines Company purchased equipment at a cost of $ 70 comma 000​, signing a nine​-month, 4​% note payable for that amount. Record the October 1 purchase. Also record the adjusting entry needed on December​ 31, 2018​, and payment of the note plus interest at maturity on July ​1, 2019.

Answer rating: 100% (QA)

Pass the journal entries as follows Credit Debit 40000 Date Accounts and explanations 2016 Equipm... View the full answer