Book Journal entries for the following transactions: The amount of supplies purchased was $40,000. End of...

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Accounting

Book Journal entries for the following transactions:
The amount of supplies purchased was $40,000. End of the yearsupply count showed that there was a $10,000 balance. All supplieswere purchased with credit. ½ the liability was paid byyear-end.
Building was purchased on 4/1 for $900,000 cash.Salvage/residual value of $100,000 exists. Straight-line is usedover a 20-year life
We needed funds, so we signed a note on 7/1 for $100,000. Weagreed to pay back the note at the end of the next year. Interestrate is10%, payable 12/31. The note isshort-term.

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Book Journal entries for the following transactions:The amount of supplies purchased was $40,000. End of the yearsupply count showed that there was a $10,000 balance. All supplieswere purchased with credit. ½ the liability was paid byyear-end.Building was purchased on 4/1 for $900,000 cash.Salvage/residual value of $100,000 exists. Straight-line is usedover a 20-year lifeWe needed funds, so we signed a note on 7/1 for $100,000. Weagreed to pay back the note at the end of the next year. Interestrate is10%, payable 12/31. The note isshort-term.