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A $4,000 Machine Is Purchased by Paying $1,000 Cash and Issuing

Question 15

Multiple Choice

A $4,000 machine is purchased by paying $1,000 cash and issuing a promissory note for the remainder.The journal entry should include a

A) credit to Machinery.
B) credit to Notes Payable.
C) credit to Notes Receivable.
D) debit to Cash.

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