1.Alpha Company prepares quarterly adjusting entries. On November 1, 2017, Alpha Company purchased equipment with...
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Accounting
1.Alpha Company prepares quarterly adjusting entries. On November 1, 2017, Alpha Company purchased equipment with a sticker price of $8,515 and signed a note due in 9 months for $10,000 that included interest in the value of the note. Use this information to prepare a general journal entry for the November 1 equipment purchase. Prepare any additional general journal adjusting entries for Fiscal Years 2017 & 2018. Additionally, prepare the general journal entry to record the payment of the note when due in 2018.
General Journal
Date
Accounts
Debit
Credit
8/31/17
9/30/17
12/31/17
3/31/18
5/31/18
Answer & Explanation
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