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Problem 3 We purchase a piece of equipment by issuing a $10,000, 90-day note which was...

Problem 3
We purchase a piece of equipment by issuing a $10,000,
90-day note which was discounted at the rate of 6%.
A) What is the journal entry for the purchase of the equipment?
Debit Credit
B) What is the journal entry for the payment of the note payable?
Debit Credit
Problem 4
We sold ABC company merchandise on account for $12,000
They were unable to pay it so we changed it to a notes receivable for 30 days at 7%.
A) What is the journal entry to change the AR to a NR
Debit Credit
B) What is the journal entry to show receiving the payment for the note receivable and interest?
Debit Credit
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