Sally S.

asked • 03/29/15

Please help!!!!

Dec 6. Purchased for $180,000 all the equipment formerly owned by Rent-it. Paid $80,000 cash and issued a one- year note payable for $100,000, plus interest at the annual rate of 9%.
 
How would I journalized this
in a general journal. Please explain step by step. I really want to understand how this goes. Thank you!! 

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