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Century city inc purchased a new printer on march 7 for

Question - Century City, Inc. purchased a new printer on March 7 for $2,000. At the time of purchase they paid the seller $400 and signed a 90-day note for the remaining balance. All principial and interest on the note will be paid when it is due. The note bears interest at a 12% annual rate.

Prepare the journal entry on March 7 capturing the purchase of the printer.

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Accounting Basics: Century city inc purchased a new printer on march 7 for

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