On January Touric Company purchases new equipment for $ Touric is required to make a down payment of $ and issue an installment note for the remaining balance of $ The note requires payments of $ every three months, beginning March over the next two years. The interest rate on the note is annually or every three months
Required:
Record the purchase of equipment with down payment of $ and the installment note of $ on January
Record the first payment of $ on March
If no entry is required for a particular transactionevent select No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to decimal places.
Journal entry worksheet
Record the purchase of equipment with down payment of $ and the installment note of $ on January
Note: Enter debits before credits.
