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Question(s) / Instruction(s):

Which is the best explanation for this journal entry?

June      26           Equipment                         14,000  

                                                Cash                                       4,000

                                                Note Payable                     10,000 

A.            Purchased equipment, paid cash of $4,000, with the remainder to be paid in payments

B.            Purchased equipment, paid cash of $4,000, with the remainder to be received in the future.

C.            Purchased equipment, paid cash for the entire amount

D.            Purchased equipment on credit

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