A company's trial balance included the following account balances: Accounts Payable $ 19,207 Accounts Receivable 81,336 Cash 73,324 Income Tax Payable 3,512 Inventory 25,816 Note Payable, due in two years 1,709 Equipment 54,128 Stockholders' Equity
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On july 1, tau, inc., purchased a machine for $12,000 and issued in payment a one-year note payable for $13,200. on august 31, the company's fiscal year-end, the proper entry would be:
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