FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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I need ans in 15 to 20 minutes of both parts just give me the values 

Journal entry worksheet
<
1 2
The company can purchase the equipment by borrowing $218,000 with a 25-
month, 12% installment note. Payments of $9,898.67 are due at the end of
each month, and the first installment is due on January 31, 2024. Record the
issuance of the installment note payable for the purchase of the equipment.
Note: Enter debits before credits.
Date
January 01, 2024
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
expand button
Transcribed Image Text:Journal entry worksheet < 1 2 The company can purchase the equipment by borrowing $218,000 with a 25- month, 12% installment note. Payments of $9,898.67 are due at the end of each month, and the first installment is due on January 31, 2024. Record the issuance of the installment note payable for the purchase of the equipment. Note: Enter debits before credits. Date January 01, 2024 Record entry General Journal Clear entry Debit Credit View general journal
Journal entry worksheet
1
2
The company can sign a 25-month lease for the equipment by agreeing to pay
$7,900.78 at the end of each month, beginning January 31, 2024. At the end
of the lease, the equipment must be returned. Assuming a borrowing rate of
12%, record the lease.
Note: Enter debits before credits.
Date
January 01, 2024
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
expand button
Transcribed Image Text:Journal entry worksheet 1 2 The company can sign a 25-month lease for the equipment by agreeing to pay $7,900.78 at the end of each month, beginning January 31, 2024. At the end of the lease, the equipment must be returned. Assuming a borrowing rate of 12%, record the lease. Note: Enter debits before credits. Date January 01, 2024 Record entry General Journal Clear entry Debit Credit View general journal
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