On June 1, 2022, Ben Casey buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he will

Name: On June 1, 2022, Ben Casey buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he will
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Question

Quizplus · Accepted Answer

Since Ben Casey is financing the purchase both with cash and a note, the transaction is a compound transaction and needs to be recorded as one entry in the journal.

On June 1, 2022, Ben Casey Buys a Copier Machine