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Two items of machine without significant parts were
each purchased at $1000 each. One has its purchase price paid
within normal credit term and the other 1 year later outside the
normal credit term. What are the journal entries
relating to the purchase and payment of the machines?We do not send private replies – we do not give free private tuition.
The entries for the purchase and payment are exactly the same in both cases (and are all covered in detail in our free lectures), except that when payment is deferred then interest should be recognised (although this is outside the scope of Paper FA).
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