Depreciation account for each depreciable asset. During 2024, Janie Mills Associates completed the following transactions:...

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Accounting

Depreciation account for each depreciable asset. During 2024, Janie Mills Associates completed the following transactions:
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Record the transactions in the journal of JanieMillsAssociates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table)
Jan. 1: Purchased office equipment, $118,000. Paid $70,000 cash and financed the remainder with a note payable. (Record a single compound journal entry)
\table[[Date,Accounts and Explanation,,Debit,Credit],[Jan.1,Office Equipment,,118,000,],[Cash,,,70,000],[Notes Payable,,,48000],[To record purchase of office equipment with cash and note payable.,grad,,]]
equipment at $107,625.(Record a single compound journal entry) building. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $40,000.
Before we record the sale of the building, we must record depreciation on the building through September 1,2024.
Accounts and Explanation
Debit
Credit
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