A machine was purchased for use in operations at a "marked" price of $8,750. Cash paid at purchase date was $2,000, the balance of the marked price was for a note payable "without interest" to the end of one year. The going rate of interest was 8 percent.
Give the entry to record the purchase.

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The Answer of A machine was purchased for use in operations at a "marked" price of $8,750. Cash paid at purchase date was $2,000, the balance of the marked price was for a note payable "without interest" to the end of one year. The going rate of interest was 8 percent.
Give the entry to record the purchase.

A Machine Was Purchased for Use in Operations at a "Marked