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 |
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