Question: On September 1 , 2 0 2 3 , Pharoah Ltd . purchased equipment for $ 3 9 , 0 0 0 by signing a

On September 1,2023, Pharoah Ltd. purchased equipment for $39,000 by signing a two-year note payable with a face value of $39,000 due on September 1,2025. The going rate of interest for this level of risk was 6%. The company has a December 31 year end.
Record all journal entries from September 1,2023 to September 1,2025, for a 2% interest bearing note with interest due each September 1. USE $36,140
On September 1,2023, Pharoah Ltd. purchased equipment for $39,000 by signing

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