cept the following three items in full payment: (1) $10,000 cash, (2) equipment worth $80,000, and (3) to assume responsibility for a $28,000 note payable related to the equipment.
A) Analyze the transaction using the accounting equation. 
Assets = Liabilities + Equity 
Cash Equipment Note Payable Revenue 
10,000 80,000 28,000 62,000
B) Record the transaction in journal entry form. 
No Date General Journal Debit Credit 
1 May 15 Cash 10,000 
Equipment 80,000 
Note payable 28,000
C) Post the entry using T-accounts to represent ledger accounts.
Cash 101 Note Payable 
28000 10,000 
Equipment 167 Revenue 404 
80,000 62,000