Pearl Enterprises purchased store equipment by making a $2,960 cash down payment and signing a 1-year, $34,040, 10% note payable. The purchase was recorded as follows. Correct the entry below Equipment 40,404 Cash 2,960 Notes Payable 34,040 Interest Payable 3,404
Pearl Enterprises purchased store equipment by making a $2,960 cash down payment and signing a 1-year, $34,040, 10% note payable. The purchase was recorded as follows. Correct the entry below
| Equipment | 40,404 | |||
| Cash | 2,960 | |||
| Notes Payable | 34,040 | |||
| Interest Payable | 3,404 |
Expert Answer
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